EU Probes U.K.'s £24B In Aid To Northern Rock

Law360, New York (April 2, 2008, 12:00 AM EDT) -- The European Commission has launched an investigation into the bailout of struggling bank Northern Rock Plc by the British government, looking into whether the restructuring package violates European Union laws on state aid.

Competition regulators said on Wednesday that they had launched an in-depth probe of the aid earmarked for U.K. bank Northern Rock, which is currently undergoing a restructuring after being hit hard by the subprime crisis.

The investigation will take a closer look at the aid package offered to the bank, the U.K.'s largest...
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