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Northern Rock

You say buck stops with Northern Rock directors

READERS of The Journal say Northern Rock’s former bosses were the prime architects of the bank’s downfall a year ago – but have also hit out at the Government’s handling of the crisis. Read

Now Rock staff face pensions wrangle

NORTHERN Rock is locked in a battle over the best way to build up its pension funds. Fund trustees believe the bank is not yet strong enough to guarantee any investment shortfall. Read

Rock boss’s upbeat vision of the future

THE man responsible for rebuilding Northern Rock has said the bank can win back savers’ confidence despite announcing losses of more than half a billion pounds. Read

20% of Rock customers face negative equity

Around a fifth of mortgage customers of Newcastle-based Northern Rock face the prospect of negative equity next year as house prices slump, it has been reported. Read

Date set for Rock shares hearing

NORTHERN Rock shareholders’ pressure for a judicial review into the way the bank was nationalised has finally borne fruit. Read

World watches as Rock gets big name

A SENIOR director of banking group Barclays yesterday agreed to take up the challenge of leading Northern Rock back to independence in the private sector. Read

Hoffman at helm for Northern Rock

NATIONALISED bank Northern Rock has named its new boss. Read

Gary Hoffman, new Northern Rock chief executive

Northern Rock reveals new boss

Nationalised bank Northern Rock announced the appointment of Barclays director Gary Hoffman as its new chief executive today. Read

Appeal to Rock staff

NEWCASTLE Building Society (NBS) has urged redundancy-threatened Northern Rock staff to apply for work after signing a deal worth over £10m with a national finance firm creating 50 jobs. Read

High-profile casualties of market slump

Today’s publication of The Journal Top 250 companies has two notable absentees. Andrew Hebden reflects on how the credit crunch and the collapse of the housing market has robbed the prestigious listing of two of its best-known names. Read

Smelt is Rock’s new HR director

NORTHERN Rock has a new member of its executive team. Read

Ten firms in running for the job of valuing Northern Rock

AROUND 10 different firms have put their names in the hat to value Northern Rock, despite the possibility of legal action resulting. Read

Gieve ‘sorry’ over Rock deal

THE OUTGOING deputy governor of the Bank of England told Tees Valley business leaders that he was “sorry” the Bank had not managed to broker a private rescue deal for Northern Rock. Read

Undesirable echoes of Rock reporting

PERHAPS I’m just a paranoid Northerner, but I couldn’t help feeling that the television coverage of the Bradford & Bingley profits warning this week had undesirable echoes of the patronising style of reporting which was so prominent during the Northern Rock crisis. Read

Bank to double debt staff numbers claim

THE BBC claimed this morning that the newly-nationalised Northern Rock is to double the number of staff dealing with customer debt management as homeowners struggle to repay loans. Read

Estimates reveal debt rise breaches rule

THE nationalisation of Northern Rock has added more than £92bn to public debt and breached the Treasury’s sustainable investment rule, according to official estimates today. Read

Rock’s ‘on the way to revival’

NORTHERN Rock is on course for recovery despite the problems of the wider economy, the bank’s executive chairman revealed yesterday. Ron Sandler yesterday revealed that the bank’s arrears had risen since the start of the year as mortgage borrowers struggled to pay higher rates caused by the credit crunch. Read

Rock valuation battle

A LEGAL battle between Northern Rock shareholders and the Government has come a step closer following Treasury lawyers’ rejection of investor pleas for “fair compensation”. Read

How times have changed in the banking sector

CAST your mind back 12 months. Adam Applegarth had just outlined his vision of Northern Rock becoming one of Britain’s biggest three banks within five years after announcing pre-tax profits of more than £587m. Read

Rock to reveal boss’ payoff

NORTHERN Rock will today reveal details of the pay-off for its former boss and millions paid in advisory fees when it posts results for the first time since the bank’s crisis. Read

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