The chairman of struggling British mortgage bank Northern Rock has said a decision on its fate is not likely before Christmas. Bryan Sanderson was speaking to BBC's Radio Newcastle.
Northern Rock advisers are auctioning the bank after it was engulfed in a funding crisis in September and has since been forced to borrow £25 billion from the Bank of England.
The Newcastle-based bank selected a consortium led by Virgin Group as its preferred bidder but its board discussed a rival proposal from investment firm Olivant over the weekend. An update on the process could be released in the coming days.
Virgin has been in accelerated talks with advisers and has said it wants to confirm its proposal by Christmas.
Banks involved in promising funding to possible buyers have not committed finances, sources have said, but Olivant said on Friday that was typical and no bank would commit finances until the structure of a deal was decided.
The British government has undertaken to give the EU a plan for Northern Rock's future going beyond the short-term rescue by March 17.
