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18/05/2012
Northern Rock Rescue "Could Cost Taxpayer £2bn"
The National Audit Office (NAO) has estimated that taxpayers could lose almost £2bn once the assets of collapsed bank Northern Rock are wound down.
The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
But the NAO said the sale of the bank to Virgin Money - criticised by some as too early - helped to minimise losses for the taxpayer.
Northern Rock was rescued in 2008 at the start of the financial crisis.
After nationalisation, the bank was split into a mortgage lending and savings arm, Northern Rock PLC, and a "bad bank" of sub-prime assets, Northern Rock Asset Management (NRAM).
Northern Rock PLC was sold Sir Richard Branson's Virgin at the end of 2011, at a loss to the taxpayer estimated by the NAO at £480m.
There was criticism at the time of the sale that the Treasury should have delayed any disposal until market conditions had improved and the taxpayer could get a better return.
But the NAO's head, Amyas Morse, said: "A sale of Northern Rock PLC at the earliest opportunity was the best option to minimise losses on the £1.4bn of public money invested in the bank."
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The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
But the NAO said the sale of the bank to Virgin Money - criticised by some as too early - helped to minimise losses for the taxpayer.
Northern Rock was rescued in 2008 at the start of the financial crisis.
After nationalisation, the bank was split into a mortgage lending and savings arm, Northern Rock PLC, and a "bad bank" of sub-prime assets, Northern Rock Asset Management (NRAM).
Northern Rock PLC was sold Sir Richard Branson's Virgin at the end of 2011, at a loss to the taxpayer estimated by the NAO at £480m.
There was criticism at the time of the sale that the Treasury should have delayed any disposal until market conditions had improved and the taxpayer could get a better return.
But the NAO's head, Amyas Morse, said: "A sale of Northern Rock PLC at the earliest opportunity was the best option to minimise losses on the £1.4bn of public money invested in the bank."
(H)
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03 August 2010
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
18 December 2007
Northern Rock Gets Taxpayer Billions
The Government is bailing out troubled bank, Northern Rock, again. At the request of the lender, it has offered to cover any loss by financial institutions that provide money to Northern Rock so the bank can operate normal banking services.
Northern Rock Gets Taxpayer Billions
The Government is bailing out troubled bank, Northern Rock, again. At the request of the lender, it has offered to cover any loss by financial institutions that provide money to Northern Rock so the bank can operate normal banking services.
13 February 2009
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
18 November 2011
Northern Rock Sale 'Poor Judgement' – Labour
Labour's Shadow Minister for the Treasury has said the sale of Northern Rock on Thursday by the Government was a 'poor judgement'. Richard Branson's Virgin investment company announced it was to purchase the almost disastrous Northern Rock bank on Thursday, while it has since emerged the sale will be at a loss for the taxpayer.
Northern Rock Sale 'Poor Judgement' – Labour
Labour's Shadow Minister for the Treasury has said the sale of Northern Rock on Thursday by the Government was a 'poor judgement'. Richard Branson's Virgin investment company announced it was to purchase the almost disastrous Northern Rock bank on Thursday, while it has since emerged the sale will be at a loss for the taxpayer.
22 January 2013
Live Nation Awarded Olympic Park Contract
Live Nation, one of the world’s largest concert promoters, has been awarded the contract to take over the Olympic Park. The firm will host a series of concerts and festivals at the site this summer, with the Wireless Festival and Hard Rock Calling – which were previously held in London's Hyde Park – being the first events confirmed for the venue.
Live Nation Awarded Olympic Park Contract
Live Nation, one of the world’s largest concert promoters, has been awarded the contract to take over the Olympic Park. The firm will host a series of concerts and festivals at the site this summer, with the Wireless Festival and Hard Rock Calling – which were previously held in London's Hyde Park – being the first events confirmed for the venue.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
