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The European Commission has approved the government's state aid package for Northern Rock.
EC approval is essential to its planned legal and capital restructure, says the rescued bank.
The restructure is expected to be completed by the end of this year, subject to FSA approval.
It will result in two companies: a new savings and mortgage bank, Northern Rock plc, and Northern Rock (Asset Management), the existing company to hold the existing residential mortgage book.
Chief executive Gary Hoffman said, 'Receiving approval from the European Commission is an important and positive step for Northern Rock, our customers, employees and the government.
'We are making good progress towards achieving the legal and capital restructure and will continue to work with the government and the FSA to achieve the necessary approvals. We are delivering on our promises.'
Story provided by Business Financial Newswire
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