EU Allows Govt To Break Up Banks

Government to break up the banks -

Lloyds, Royal Bank of Scotland and Northern Rock will be broken up and parts of their businesses sold off to create three new banks, it emerged last night...The European Union will today approve the split of Northern Rock into two sections, a "good", profitable, bank with no bad debt, and a "bad" bank. Ministers will begin exploring sale options at the start of next year when the split happens and a deal could be finalised before the general election. The remaining "bad" bank will remain in state hands for the time being although sales of "tranches" of the more risky mortgages it holds will be explored in the longer term.

Shouldn't this have happened right at the start, instead of keeping them going with taxpayers' cash?

Also good to know we'll be lumbered with the 'bad' bits of Northern Rock.

And good to know the EU will let us do all this. Thanks, chaps.