nebusiness.co.uk - Business News - Northern Rock

Northern Rock sold to Virgin Money for £747m

nebusiness.co.uk — Thu, 17 Nov 2011 09:18:00 GMT

NORTHERN Rock is to be sold to Sir Richard Branson’s Virgin Money for £747m, the Treasury announced today.

Politicians raise questions over Northern Rock sale

nebusiness.co.uk — Thu, 17 Nov 2011 14:30:00 GMT

POLITICIANS from across the political divide have said the deal to sell Northern Rock to Virgin Money raises significant questions.

Staff delighted after Northern Rock sold to Virgin

nebusiness.co.uk — Thu, 17 Nov 2011 12:49:00 GMT

STAFF at Northern Rock’s Newcastle HQ were delighted at the news that the group is to be sold to Virgin Money.

Unions hope for Northern Rock staff after sale

nebusiness.co.uk — Thu, 17 Nov 2011 09:56:00 GMT

UNION bosses have expressed hope for workers at Northern Rock after the firm was sold to Virgin Money for £747m.

Chancellor hails Northern Rock sale to Virgin

nebusiness.co.uk — Thu, 17 Nov 2011 09:39:00 GMT

CHANCELLOR George Osborne has hailed the £747m deal to sell Northern Rock to Virgin Money as "good for the North East".

Northern Rock bank NRAM pays back another £1bn

nebusiness.co.uk — Fri, 29 Jul 2011 07:11:00 GMT

THE BANK holding Northern Rock’s toxic assets has announced it has paid back another £1bn of its loan from the Government in the first half of the year.

Northern Rock appoints Deutsche Bank to advise on privatisation

nebusiness.co.uk — Thu, 10 Mar 2011 11:26:00 GMT

NORTHERN Rock plc has appointed Deutsche Bank to advise on its sale back to the private sector by the Government.

New jobs warning for Northern Rock workers

nebusiness.co.uk — Thu, 10 Mar 2011 08:28:00 GMT

NORTHERN Rock warned yesterday that further job cuts were likely despite the bank paying out £13.1m in annual bonuses to staff.

Northern Rock announces £232.4m loss

nebusiness.co.uk — Wed, 09 Mar 2011 08:47:00 GMT

NORTHERN Rock today announced it was £232.4m in the red but said it cut its losses during the second half of the year.

Outgoing Northern Rock chief waives salary and bonus

nebusiness.co.uk — Fri, 05 Nov 2010 15:18:00 GMT

The outgoing chief executive of Newcastle-based nationalised bank Northern Rock has bowed to pressure by waiving his salary, pension and benefits for the period of his gardening leave.

New bosses at Northern Rock and Bradford & Bingley's "bad banks"

nebusiness.co.uk — Fri, 09 Apr 2010 10:55:00 GMT

THE men who will run the merged so-called “bad banks” of Northern Rock and Bradford and Bingley have been named

Northern Rock Asset Management to merge with Bradford and Bingley

nebusiness.co.uk — Wed, 24 Mar 2010 14:59:00 GMT

The Chancellor has confirmed that he will merge Northern Rock Asset Management with Bradford and Bingley.

Northern Rock defers investor payments

nebusiness.co.uk — Tue, 18 Aug 2009 09:58:00 GMT

NORTHERN Rock is putting off some payments to investors because it has less capital than the minimum amount it needs to meet regulations.

Former Rock shareholders lose legal bid

nebusiness.co.uk — Tue, 28 Jul 2009 09:39:00 GMT

FORMER shareholders in nationalised bank Northern Rock today lost their renewed legal bid to outlaw the Government's "zero return'' compensation scheme.

Northern Rock's capital reserves fall below required levels

nebusiness.co.uk — Wed, 01 Jul 2009 10:04:00 GMT

THE Northern Rock has been given the go-ahead to continue without the necessary level of capital reserves until its restructuring request has been decided upon by the European Commission.In 2008 the nationalised lender revealed it had made pre-tax losses of £1.36bn after repossessing 63% more homes than the previous year and reducing its Government loan from £26.9bn to £8.9bn.And with the Rock expected to make a further loss in 2009 the levels of capital it should hold in reserve have now declined below the levels the regulator, the Financial Services Authority (FSA), require. But the FSA today confirmed it will make an exception for the Northern Rock and waiver the capital reserve requirements until a decison has been made on its restructuring request by the EC.A spokesman for the Rock said: “Northern Rock's capital base has now reduced to a level below its minimum regulatory capital requirement. “Northern Rock proposes to address this situation through a legal and capital restructuring of the company.“The Government is also committed to providing a further £3bn to the company when, as is expected, the restructuring is approved by the EC.”The Rock expects to get permission from the EC to split itself into two separate entities commonly referred to as the “good bank” and the “bad bank” prior to being sold off.The good bank will include all of the retail deposits, the branch network and some higher quality mortgages. The bad bank will mostly include the “toxic” mortgages and include those loans it made in 2006 and 2007 which were 125% of the value of a property.Part of the EC deal will see the Government give the Rock a further £3bn which will help improve its capital position.The Rock today declined on speculation that Tesco has made an approach to the buy the good bank.

Northern Rock to slow mortgage redemptions

nebusiness.co.uk — Mon, 19 Jan 2009 09:46:00 GMT

Troubled mortgage lender Northern Rock unveiled a new strategy today which will see it slow the rate at which it shrinks its mortgage book.

Rock rush to drop customers to stop

nebusiness.co.uk — Mon, 19 Jan 2009 00:29:00 GMT

NORTHERN Rock will today unveil a new strategy that will see the bank slow the rate at which it shrinks its mortgage book. Sources last night told The Journal a less aggressive approach would be adopted to rid the nationalised Rock of existing mortgage customers.

Northern Rock shareholders step up their fight

nebusiness.co.uk — Mon, 22 Dec 2008 08:27:00 GMT

NORTHERN Rock shareholders have upped their fight to get compensation with a series of petitions to be handed in to Parliament.

You say buck stops with Northern Rock directors

nebusiness.co.uk — Mon, 15 Sep 2008 08:47:00 GMT

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.

Now Rock staff face pensions wrangle

nebusiness.co.uk — Thu, 07 Aug 2008 09:49:00 GMT

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.