In 2008 the Northern Rock bank was nationalised by the British government, due to financial problems caused by the subprime mortgage crisis. In 2010 the bank was split into two parts (assets and banking) to aid the eventual sale of the bank back to the private sector.
On 14 September 2007, the bank sought and received a liquidity support facility from the Bank of England,[1] as a result of its exposure in the credit markets, during the 2008 financial crisis.[2][3] On 22 February 2008 the bank was taken into state ownership. The nationalisation followed two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of savers' and investors' money.[4][5]
In 2012 Virgin Money completed the purchase of Northern Rock from UK Financial Investments (UKFI) for approximately £1 billion and by October of that year the high street bank operated under the Virgin Money brand.[6][7][8]
^"Liquidity Support Facility for Northern Rock plc – Tripartite Statement by HM Treasury, Bank of England and Financial Services Authority". Bank of England. 14 September 2007. Archived from the original on 25 December 2018. Retrieved 20 February 2008.
^"Northern Rock appoints new Chief Executive Officer". Northern Rock. 23 July 2008. Retrieved 25 July 2010.
^"Northern Rock chairman Sandler says turnaround to take years". Forbes. 18 February 2008. Archived from the original on 20 September 2008. Retrieved 20 February 2008.
^"Northern Rock to be nationalised". BBC News. 17 February 2008. Retrieved 8 April 2008.
^Atkinson, Simon (18 February 2008). "Rock recovery is Sandler's goal". BBC News. Retrieved 20 February 2008.
^"Northern Rock sale announced by chancellor". BBC News. 17 November 2011. Retrieved 17 November 2011.
^Falloon, Matt (1 January 2012). "UK sells Northern Rock to Virgin despite protest". Reuters. Retrieved 1 January 2012.
^"UKFI confirms completion of Northern Rock sale to Virgin Money" (PDF). UK Financial Investments. 1 January 2012. Archived from the original (PDF) on 11 January 2012. Retrieved 1 January 2012.
and 20 Related for: Nationalisation of Northern Rock information
Parliament discusses nationalisationofNorthernRock UK bank NorthernRock to be nationalisedNationalised UK bank NorthernRock appoints new chief executive...
own independent charity, the Northern Rock Foundation. The nationalisationofNorthernRock had a devastating impact on the local charity sector in the...
Northern Rock bank in 2010. It was publicly owned through the British Government's UK Asset Resolution following NorthernRock'snationalisation in 2008...
Office from 2013 to 2016. He has been a director of the nationalised bank NorthernRock, and served as chief of staff for Gordon Brown. Scholar was educated...
(2009), the advertising deals of Team Great Britain's Olympic medal winners (2012), the nationalisationofNorthernRock (2007), Gordon Brown meeting the...
of the previous season Chairman Dave Thompson had to seek investment for the club due to increasing debts following the NationalisationofNorthern Rock...
Nationalisation was subsequently carried out after World War II, under the Transport Act 1947. This Act made provision for the nationalisationof the...
government's nationalisationofNorthernRock and Bradford & Bingley at the start of the banking crisis in 2008. It then began the process of splitting off...
Iranian assets (actually a nationalisationof part of a part-nationalised company) 1956 The Egyptian Government nationalised the Suez Canal, owned by the...
(Special Provisions) Act 2008, emergency legislation for the nationalisationofNorthernRock, which was recast the following year. Under the Banking Act...
endorsing the EUR71bn RBS takeover. Coming after the nationalisationofNorthernRock due to the freezing of the wholesale money markets, the deal proved the...
customers ofNorthernRock, forced the Government to nationalize it on 17 February 2008 (see NationalisationofNorthernRock). Banks that are short of capital...
49, guilty of murdering five prostitutes during late 2006. 22 February NationalisationofNorthernRock: NorthernRock bank is nationalised by the British...
endorsing the EUR71bn RBS takeover. Coming after the nationalisationofNorthernRock due to the freezing of the wholesale money markets, the deal proved the...
building within the headquarters complex of the NorthernRock bank, prior to its near-collapse and nationalisation. It lies in the West Gosforth council...
when the Northern Rock company was floated on the stock exchange. Following the near-collapse of the bank and its nationalisation by the UK government...
became a victim of the subprime crisis. NationalisationofNorthernRock Ownership society Real estate bubble Panic of 1837 Panic of 1907 Predatory lending...
Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of the...