Tag: nationalised

Northern Rock losses narrow

Northern Rock losses narrow

Nationalised lender Northern Rock Plc has today unveiled its results for the half-year. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the six months to 30 June totalled £68.5 million, against a loss of £142.6 million in the same period a year ago. However, lending was lower […]

August 3, 2011 More
Northern Rock to axe 680 jobs

Northern Rock to axe 680 jobs

Crisis-torn Northern Rock has today announced it will reduce headcount by a further 680 as part of another restructure. According to the lender, which was nationalised in February 2008, the job losses are necessary as part of a cost-cutting exercise and would affect employees “at all grades across the company”. Less than 2,000 people will […]

March 28, 2011 More
Northern Rock reports £232m loss

Northern Rock reports £232m loss

Crisis-torn Northern Rock has today unveiled an underlying loss of £232.4 million for the 2010 year for its so-called “good“ bank. Despite the loss, the Newcastle-based bank will pay more than £13 million in bonuses to its 4,000-strong workforce. The bonus comes despite executive chairman Ron Sandler describing the losses as “disappointing”. He comments: “2010 […]

March 9, 2011 More
Iceland finally emerges from recession

Iceland finally emerges from recession

Iceland has finally emerged from recession after its economy contracted for seven consecutive quarters. Official figures today from Statistics Iceland revealed the economy grew by 1.2% in the July to September period. However, on an annual basis, the economy shrank by 1.6%. The once-thriving financial sector collapsed in October 2008 which led to three of […]

December 7, 2010 More
Ireland looks to banks for bailout

Ireland looks to banks for bailout

There is speculation that Ireland is looking to its banks for emergency funding – the Irish Independent reported on Monday. The report comes as Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek […]

November 15, 2010 More
Northern Rock’s Gary Hoffman to join NBNK

Northern Rock’s Gary Hoffman to join NBNK

The chief executive of nationalised Northern Rock is leaving the crisis-torn bank to join NBNK. According to reports today, Gary Hoffman will assume the chief executive’s role at NBNK – the banking institution set up by two City financial-sector heavyweights. NBNK is set to build a significant presence in the UK and is now trading […]

November 4, 2010 More
Iceland’s central bank cuts interest rates to 7%

Iceland’s central bank cuts interest rates to 7%

Iceland’s Central Bank (Sedlabanki Islands) has slashed its key interest from 8% to 7%. While a cut was expected, it was not as much as economists had forecast after inflation eased and the country’s currency, the krona, strengthened. The central bank has aggressively cut interest rates after they hit a record high of 18% in […]

August 18, 2010 More
Northern Rock’s bad bank back in profit

Northern Rock’s bad bank back in profit

Northern Rock Asset Management (NRAM), the so-called bad bank, has today reported it has returned to profit. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profit for the first six months to the end of June were £349.7 million, compared with a loss of £724.2 million a year earlier. […]

August 3, 2010 More
Bradford & Bingley back in the black

Bradford & Bingley back in the black

Nationalised lender Bradford & Bingley (B&B) today announced it returned to profit in the first half. The bank posted a pre-tax profit of £896 million for the six months to the end of June, after posing a loss of £160 million in the same period a year ago. Meanwhile, operating costs fell from £65 million […]

July 30, 2010 More
Former B&B shareholders will not receive compensation

Former B&B shareholders will not receive compensation

An independent valuer has said former shareholders of crisis-torn Bradford & Bingley (B&B) will not receive any compensation after it was split and sold. At the height of the financial crisis, B&B’s loan book was nationalised, while Spanish banking giant Santander took ownership of its savings business and branch network. B&B’s shares closed at 20p […]

July 6, 2010 More
Turnaround plan sees further 650 jobs go at Northern Rock

Turnaround plan sees further 650 jobs go at Northern Rock

Nationalised Northern Rock has announced it will axe a further 650 jobs by the end of the year as it prepares to return to the private sector. The reduction in headcount is part of the bank’s radical turnaround plan and comes just one week after it said it is to close its banking operation in […]

June 9, 2010 More
Northern Rock’s Guernsey operation to close in September

Northern Rock’s Guernsey operation to close in September

Nationalised Northern Rock has today announced it is to close its banking operation in Guernsey on 2 September. The closure of Guernsey‘s activities, which come after a review of offshore operations, is the latest step in the bank’s turnaround plan. Its Guernsey operation was launched in February 1996 and it currently has some 6,000 customers, […]

June 2, 2010 More
Anglo Irish Bank reports record loss

Anglo Irish Bank reports record loss

Anglo Irish Bank, which was nationalised in January 2009, has admitted to experiencing a difficult 15-months. The bank has announced it made a loss of €12.7 billion (£11.4 billion) for the 15 months to the end of December. The news came just a day after the Bank of Ireland reported a loss of €1.8 billion […]

April 1, 2010 More
Kaupthing under investigation for fraud

Kaupthing under investigation for fraud

An investigation is underway at Kaupthing – the Icelandic bank which collapsed last autumn. Kaupthing, which was once Iceland’s largest bank, collapsed along with Glitnir and Landsbanki at the height of the banking crisis last year and all three banks had to be nationalised. This led the Iceland Government to seek billions of dollars worth […]

December 16, 2009 More
Iceland’s economy shrinks at record pace

Iceland’s economy shrinks at record pace

Iceland’s economy plummeted at its fastest pace on record in the third quarter, falling by 5.7% compared to the previous quarter. However, on an annual basis the economy contracted by 7.2% – the biggest fall on record. The news comes as many economies throughout the world are now recovering as they emerge from recession. However, […]

December 7, 2009 More
B&B mulling over split into good bank / bad bank

B&B mulling over split into good bank / bad bank

Nationalised Bradford & Bingley (B&B) is reportedly considering splitting itself into two in order to raise money to repay its £18.4 billion loan from the Financial Services Compensation Scheme (FSCS). The troubled buy-to-let lender was nationalised over a year ago to prevent it from collapse which led to Spanish bank, Santander, acquiring B&B’s £20 billion […]

October 26, 2009 More
Iceland announces €1.5bn plan to recapitalise banks

Iceland announces €1.5bn plan to recapitalise banks

Iceland has unveiled a €1.5 billion (£1.3 billion) scheme to recapitalise its three major banks. The Government will issue bonds to the three new banks it is creating from the collapsed ones. It is hoped the plan will get the banking system on a stronger footing after its three largest banks, Glitnir, Landsbanki and Kaupthing, […]

Northern Rock shareholders lose court battle for compensation

Northern Rock shareholders lose court battle for compensation

Former shareholders of Northern Rock have failed in their legal challenge to the Government’s plan to compensate them. Rock’s biggest former investor SRM Global brought the case against the Government, with RAB Capital and 150,000 private investors. The case entered the High Court in January and shareholders were contesting the way in which the bank’s […]

Irish Government takes full ownership of Anglo Irish Bank

Irish Government takes full ownership of Anglo Irish Bank

Anglo Irish Bank has been nationalised to prevent the bank from collapse. The Irish Government said under the circumstances, nationalisation was the only option. If it had been declared insolvent, the Government would have been left with approximately €100 billion of liabilities after guaranteeing all deposits in Irish banks last year. The funding position at […]

Northern Rock withdraws savings deals

Northern Rock withdraws savings deals

Nationalised bank Northern Rock has had to withdraw some of its savings deals after a flurry of deposits has put it close to breaching state ownership rules. Since it was nationalised in February, Newcastle-based Northern Rock has been offering some of the best savings rates, making it highly attractive for concerned savers to put their […]