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Three banks offer to securitise N.Rock loan: report

LONDON (Reuters) - Royal Bank of Scotland <RBS.L>, Barclays <BARC.L> and Citigroup <C.N> have offered to securitise half of the Bank of England's emergency loan to Northern Rock <NRK.L>, The Sunday Telegraph reported, without citing sources.
/ Source: Reuters

LONDON (Reuters) - Royal Bank of Scotland , Barclays and Citigroup have offered to securitise half of the Bank of England's emergency loan to Northern Rock , The Sunday Telegraph reported, without citing sources.

The three banks approached the Treasury in the past few days offering to securitise 12.5 billion pounds ($24.4 billion) of Northern Rock mortgage assets in the markets, the newspaper said.

The banks were not immediately available for comment.

The Sunday Express reported, without identifying its sources, that would-be buyer of Northern Rock, Richard Branson, was facing a setback to his plans, as investors Legal & General and Schroders were backing the bank's "self rescue" plan.

(Reporting by Rachel Sanderson, editing by Will Waterman)