UK Finance Minister, George Osborne, said he will embark on a new bank sell-off program that will include the sell of the government's stake in bank's that were bailed out during the 2008 financial crisis by taxpayers money, where the start will be with Northern Rock bank.

Osborne said he is offering Northern Rock for sale, wishing to find a buyer by the end of the current year. Yet no price was set by Osborne but the BBC mentioned that the bank could fetch 1 billion pounds.

It is worth mentioning that Northern Bank collapsed during the financial crisis which forced the government to nationalize it three years ago. The bank is still suffering from toxic assets despite its progress in mortgages and savings, where it reported a loss of 232 million pounds in the end of 2010.