Northern Rock customers could receive a windfall of around A?1,700 because of an error in the wording of loan statements. The mistake, made by the nationalised part of the bank, will cost UK taxpayers a total of A?270 million. Up to 152,000 customers who took out personal loans of less than A?25,000 will receive an […]
UK taxpayers may never recover the A?66bn spent by the government to bailout RBS and Lloyds Banking Group during the financial crisis, a parliamentary committee has warned. The government bought 40 per cent of Lloyds and 82 per cent of RBS in 2008, when the banks were at risk of collapse. Earlier that year it […]
The governmenta��s purchase of Northern Rock in February 2008 and its recent sale of the bank to Virgin Money, is expected to result in a net profit of up to A?11bn for UK taxpayers. According to UK Financial Investments Ltd (UKFI) which manages the Governmenta��s stakes in banks bailed out by the state during the […]
New bank NBNK is believed to be considering a bid for Clydesdale and Yorkshire banks after it was announced that the two banks will undergo a strategic review. The review, by parent company National Australia Bank, could lead to Clydesdale and Yorkshire banks being sold or floated on the stock market. NBNK has not confirmed […]
Virgin Money, the new owner of Northern Rock, is to begin charging all new customers for current accounts, even if the account remains in credit. Virgin Moneya��s chief executive Jayne-Anne Gadhia a�?Most people know there is no such thing as free banking. a�?Banks have to cover the cost of free current accounts with hidden charges […]
Savers with money in both Northern Rock and Virgin Money will not be disadvantaged by Virgina��s takeover of the Newcastle-based bank if either of the banks collapses. Both Virgin Money and Northern Rock will keep separate banking licences following the A?747 million deal, which is expected to be rubber-stamped in January. This means that the […]
The government has announced the sale of Northern Rock to Virgin Money for A?747m, representing a loss of A?650m on the A?1.4bn of public money it injected into the Newcastle-based bank. The chancellor, George Osborne said that the deal was a�?an important first step in getting the taxpayer out of the business of owning banks”. […]
Shares in financial institution NBNK has had its shares suspended on AIM after it confirmed it is in merger talks. The bank, which is run by Gary Hoffman who is the former chief executive of crisis-torn Northern Rock, was established a year ago to make acquisitions and is set to build a significant presence in […]
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 A?68.5 million, against a loss of A?142.6 million in the same period a year ago. However, lending was lower […]
In his Mansion House speech later this evening, Chancellor George Osborne is to announce plans to sell off state-owned Northern Rock. The crisis-torn bank, which collapsed on the eve of the credit crisis, is expected to be auctioned off and will raise around A?1 billion. The Chancellor will say he hopes to find a buyer […]
In his Mansion House speech this evening, Chancellor George Osborne is expected to confirm that banks will have to ring-fence their retail operations so they are protected from losses from investment banking. The Chancellor is also expected to suggest that banks will have to hold more capital a�� a recommendation of the Independent Commission on […]
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 […]
Crisis-torn Northern Rock has today unveiled an underlying loss of A?232.4 million for the 2010 year for its so-called a�?gooda�? bank. Despite the loss, the Newcastle-based bank will pay more than A?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 […]
Crisis-torn lender, Northern Rock, is understood to be launching a series of mortgage products which require just a 10% deposit (90% loan-to-value). The announcement, revealed by the Financial Times, comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the […]
The Financial Services Compensation Scheme (FSCS), the body established to compensate victims of banking failures, will now reimburse up to A?85,000 per saver if a bank collapses, up from the A?50,000 limit previously agreed. It is hoped the new limit, which is paid for by the UK financial services industry, will avert customer panic if […]
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 […]
A report has revealed around 100,000 finance jobs have been lost since the onset of the credit crisis three years ago. On the third anniversary of the run on Northern Rock, there have been significant job losses within the sector. The Unite union said that little had changed to improve the regulatory regime in order […]
The Financial Services Authority (FSA) has fined David Jones, Northern Rock’s former finance director, for the misreporting of mortgage arrears at the bank. The Watchdog has fined Mr Jones A?320,000 and banned him from performing any function in relation to any regulated activity. The fine comes after former deputy chief executive, David Baker, and former […]
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 banka��s radical turnaround plan and comes just one week after it said it is to close its banking operation in […]
Nationalised Northern Rock has today announced it is to close its banking operation in Guernsey on 2 September. The closure of Guernseya�?s activities, which come after a review of offshore operations, is the latest step in the banka��s turnaround plan. Its Guernsey operation was launched in February 1996 and it currently has some 6,000 customers, […]
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