FACTBOX-What happens next with Northern Rock

LONDON (Reuters) - The government drafted new laws on Monday to start bringing embattled mortgage lender Northern Rock under the umbrella of public ownership.

The whole process could be concluded in days depending on how long it takes parliament to approve the legislation.

But the bank's new executive chairman, former London insurance market chief Ron Sandler, said it would take years to turn around the business and repay about 25 billion pounds of government loans.

Here is a guide to what is expected to happen next:

LEGISLATION

February 18: Chancellor Alistair Darling introduces draft banking laws to parliament.

February 19: Second reading in parliament of the bill.

The bill must then be approved by both the House of Commons and the House of Lords before being read into law and rubber stamped by the Queen.

As soon as the legislation goes through, the government will have the power to nationalise Northern Rock straight away and delist its shares from the London Stock Exchange. The shares are currently suspended.