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Encyclopedia > Northern Rock
Northern Rock
Type PLC (State-owned)[1][2]
Founded 1965
Headquarters Gosforth, Newcastle upon Tyne, England, UK
Industry Bank
Revenue £5 billion (2006)
Operating income £627 million (2006)
Net income £443 million (2006)
Employees 6400
Website www.northernrock.co.uk

Northern Rock plc is a British bank, currently owned by the UK government. It is based at Regent Centre near Newcastle upon Tyne in North East England in the United Kingdom. Formerly the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange, distributing shares to members who held savings accounts and mortgages. Northern Rock joined the stock exchange as a minor bank and was expected to be taken over by one of its larger rivals, but it has remained independent. In 2000, Northern Rock gained promotion to the FTSE 100 Index, but was demoted back to the FTSE 250 in December 2007[3] and later suspended from the LSE due to the bank's nationalisation. Image File history File links Northern_Rock_Logo. ... The initials PLC after a UK or Irish company name indicate that it is a public limited company, a type of limited company whose shares may be offered for sale to the public. ... This article is about state ownership. ... Year 1965 (MCMLXV) was a common year starting on Friday (link will display full calendar) of the 1965 Gregorian calendar. ... , For the village, see Gosforth, Cumbria. ... This article is about a city in the United Kingdom. ... For other uses, see England (disambiguation). ... For other uses, see Bank (disambiguation). ... For the tax agency in Ireland of the same name, see Revenue Commissioners. ... GBP redirects here. ... Earnings before interest and taxes (EBIT), also known as operating income and operating profit, is a term used to describe a companys earnings. ... GBP redirects here. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... GBP redirects here. ... This article is about work. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... For other uses, see Bank (disambiguation). ... The agencies responsible for the government of the United Kingdom consist of a number of ministerial departments (usually headed by a Secretary of State) and non-ministerial departments headed by senior civil servants. ... Regent Centre is a large business park in the town of Gosforth near Newcastle, England. ... This article is about a city in the United Kingdom. ... North-East England is one of the nine official regions of England and comprises the combined area of Northumberland, County Durham, Tyne and Wear and a small part of North Yorkshire. ... A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... In financial markets, a share is a unit of account for various financial instruments including stocks, mutual funds, limited partnerships, and REITs. ... This article is about the legal mechanism used to secure property in favor of a creditor. ... The FTSE 100 Index (or just the FTSE, pronounced footsie) is a share index of the 100 most highly capitalised companies listed on the London Stock Exchange. ... The FTSE 250 Index is a capitalisation weighted index of 250 companies on the London Stock Exchange. ... Nationalization is the act of taking assets into state ownership. ...


On 14 September 2007, the Bank sought and received a liquidity support facility from the Bank of England,[4] following problems in the credit markets caused by the US subprime mortgage financial crisis. is the 257th day of the year (258th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... The subprime mortgage financial crisis, is an ongoing financial crisis that has caused a sharp rise in home foreclosures. ...


At 00:01 on 22 February 2008 the bank was nationalised. The nationalisation was a result of two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of taxpayers' money.[5] The government-appointed Chairman is Ron Sandler, who assumed the position on Monday 18 February.[6] There are no plans to change the name of the bank.[7] is the 53rd day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... Nationalization is the act of taking assets into state ownership. ... is the 49th day of the year in the Gregorian calendar. ...

Contents

History

Northern Rock Building Society was formed in 1965 as a result of the merger of Northern Counties Permanent Building Society (established in 1850) and Rock Building Society (established in 1865). During the 30 years that followed, Northern Rock expanded by acquiring 53 smaller building societies, most notably the North of England Building Society in 1994[8]. Along with many other UK building societies in the 1990s, Northern Rock chose to demutualise and float on the stock exchange in order to better expand their business. Throughout this period a concern against demutualisation was that the assets of a mutual society was built up by its members throughout its history not just the present members who would benefit, and that demutualisation was a betrayal of the community that the societies were created to serve. [9] [10] [11] [12] Northern Rock chose to address these concerns by founding the Northern Rock Foundation.[13] From 1 October 1997 until the government nationlisation the bank used the symbol NRK on the London Stock Exchange. The term demutualization (or demutualisation) describes the process by which mutual organizations or companies (mutuals) convert themselves to for-profit (or profit-making) public companies which distribute profits to their shareholders in the form of dividends. ... is the 274th day of the year (275th in leap years) in the Gregorian calendar. ... For the band, see 1997 (band). ...


Location

The 1990s buildings at Regent Centre
The 1990s buildings at Regent Centre

The bank is based on a large site at the Regent Centre in Gosforth, Newcastle upon Tyne. It has customer contact centre operations at both Doxford International Business Park in Sunderland and at its head office. The bank is also developing a site at Rainton Bridge. The company is midway through a redevelopment of the Gosforth site, which saw the demolition of the original 1960s tower block during Spring 2006. A new tower block is due to be completed by the end of 2008, to act as the main entrance to the company headquarters. Image File history File links Metadata Size of this preview: 800 × 505 pixelsFull resolution (3072 × 1938 pixel, file size: 1. ... Image File history File links Metadata Size of this preview: 800 × 505 pixelsFull resolution (3072 × 1938 pixel, file size: 1. ... Regent Centre is a large business park in the town of Gosforth near Newcastle, England. ... , For the village, see Gosforth, Cumbria. ... This article is about a city in the United Kingdom. ... Doxford International Business Park is a large business park in the Doxford Park suburb of Sunderland, Tyne and Wear, in the north-east of England. ... For other uses, see Sunderland (disambiguation). ...


The Gosforth site currently consists of the Kielder and Prudhoe buildings, completed in the early 1990s, behind which lies the distinctive glass-fronted Alnwick building. The main Atrium reception is adjacent to this, opening out onto the recently completed Baker Street, a large covered mall that houses a restaurant, shop and on-site branch. A number of other buildings, all named after North-Eastern castles are joined to Baker Street.


A sub-division in Guernsey was established in February 1996, [14] handling offshore savings and investment accounts.


Northern Rock opened a branch in Ireland on 16 November 1999[15] and the first branch in Northern Ireland followed on 4 April 2007. The first branch of the bank opened in Denmark on 7 February 2007[16]; however as part of the Government restructuring, the Danish operations will cease by the end of 2008. is the 320th day of the year (321st in leap years) in the Gregorian calendar. ... This article is about the year. ... Northern Ireland (Irish: , Ulster Scots: Norlin Airlann) is a constituent country of the United Kingdom lying in the northeast of the island of Ireland, covering 5,459 square miles (14,139 km², about a sixth of the islands total area). ... is the 94th day of the year (95th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 38th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...


Corporate image

Northern Rock logo used until 2000
Northern Rock logo used until 2000

In the year 2000 Northern Rock introduced a new corporate identity consisting of a magenta square containing the company name. This replaced the NR 'blocks' logo. To this day however, some branches still display the old logo. The Northern Rock Foundation also changed its logo in 2003 from the NR 'blocks' inline with the main company, using the same new typeface. The Red Box Design Group have designed all of the currently standing buildings at the company's headquarters in Gosforth[17][18][19][20][21][22] and have contributed to many of the other design aspects of the company, such as the in-branch styling.[23] Image File history File links No higher resolution available. ...


Business

A typical Northern Rock branch, on Northumberland Street, Newcastle upon Tyne
A typical Northern Rock branch, on Northumberland Street, Newcastle upon Tyne

Northern Rock is one of the top five mortgage lenders in the United Kingdom in terms of gross lending. Northumberland Street is a major shopping street in the city of Newcastle upon Tyne, North East England. ... This article is about a city in the United Kingdom. ...


As well as mortgages, the bank also deals with savings accounts, current accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The unsecured loans business is administered and underwritten by Ventura based in Leeds. Home and contents insurance is dealt with by AXA whilst Legal & General, whose mortgage book Northern Rock took over, arrange insurance and stock-market-based investments. Payment Protection Insurance (PPI) can be arranged with London-based Cardif Pinnacle.[24] Ventura is the name of several places in the United States of America: Ventura, California Ventura, Iowa Ventura County, California Ventura may also refer to one of the following people: Charlie Ventura, American band leader Jean-Baptiste Ventura (ca. ... For other uses, see Leeds (disambiguation) and Leeds City (disambiguation). ... Not to be confused with Sun Life Financial. ... Legal & General Group Plc is a British based financial services company that provides life, health and other insurance, as well as pensions and investments. ... Payment Protection Insurance (PPI) is a type of insurance that provides an income to maintain a borrower’s debt repayments in the event of an accident or sickness that prevents them from working, or unemployment. ...


In 2003, to free capital for its rapid growth in mortgage lending, the bank sold its credit card business to The Co-operative Bank for a profit of more than £7 million. Until November 2007 Northern Rock continued to sell credit cards under their own brand through The Co-operative Bank; the decision to stop was made before the 2007 crisis.[25] The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It is an ethical bank, and refuses to invest in companies involved in the arms trade, genetic engineering, animal testing and use of sweated labour as stated in its ethical policy. ...


In 2006 the bank had moved into sub-prime lending via a deal with Lehman Brothers. Although the mortgages are sold under Northern Rock's brand through intermediaries, the risk is being underwritten by Lehman Brothers.[26][27] Lehman Brothers Holdings Inc. ... Underwriting refers to the process that a large financial service provider (bank, insurer, investment house) uses to assess the eligibility of a customer to receive their products like equity capital, insurance or credit to a customer. ...


Board of Directors

The Chief Executive is Andy Kuipers, who joined the company in 1987. The company is focused on developing its own staff and so, most appointments are made internally. After phase one of the sale process was completed in November 2007, John Devaney and Simon Laffin joined the board, Sir Derek Wanless, Nichola Pease, Adam Fenwick and Rosemary Radcliffe retired as Non Executive Directors, The previous Chief Executive Adam Applegarth resigned but stayed on in a caretaker role until December 2007. David Baker and Keith Currie left the board but remain employed within the company. Adam J. Applegarth (born August 1962 in Sunderland, England)[1] is the Chief Executive Officer of the Gosforth, Newcastle upon Tyne based Northern Rock bank. ...


As of November 2007, the Board of Directors comprised:[28][29]

  • Chairman: Bryan Sanderson
  • Chief Executive: Andy Kuipers
  • Group Finance Director: David A. Jones
  • Non-Executive Directors: Sir Ian Gibson, Michael J. Queen, John Devaney, Simon Laffin

In February 2008 Ron Sandler was appointed executive Chairman by the government.


Sponsorship

The company sponsored many local sports clubs and events, including Newcastle United Football Club,[30] Newcastle Falcons (rugby union), Newcastle Eagles (basketball), Durham and Middlesex County Cricket clubs, professional golfer Paul Eales and the cycling festival Northern Rock Cyclone.[31] For the Australian soccer club see Newcastle United (Australia). ... Official website www. ... For other uses, see Rugby (disambiguation). ... The Newcastle Eagles, or officially the Springfield Honda Newcastle Eagles by sponsorship, is a British Basketball League team from Newcastle-Upon-Tyne. ... This article is about the sport. ... Durham County Cricket Club is one of the 18 major county clubs which make up the English domestic cricket structure, representing the historic county of Durham. ... Middlesex County Cricket Club is a first-class cricket club in England, named after the historic county of Middlesex in which their home ground, Lords Cricket Ground in London, is located. ... Paul Eales (born 2 August 1963 in Epping) is an English golfer. ...


The sponsorship of Newcastle United began in 2003, and was set to expire in 2010. The current five year deal from 2005 to 2010 was worth £25 million.[32]


In 2005, to coincide with the Spirit of the Tall Ships Festival, Northern Rock enlisted the help of Red Box Interiors to create a temporary art installation at The Baltic Centre for Contemporary Art on the Gateshead Quay of the Tyne. The art entitled "Northern Rock @ Baltic" included mobile light stem sculptures and large scale external graphics.[33] The BALTIC Centre as viewed from the Millennium Bridge The BALTIC Centre for Contemporary Art is an arts centre located on the South Bank of the River Tyne close to the Gateshead Millennium Bridge, in Gateshead in the north-east of England. ... This article is about Gateshead, England. ...


In 2007, almost three weeks before the bank had to appeal to the Bank of England for an emergency loan, the bank bought the home ground of Newcastle Falcons Rugby Club, Kingston Park stadium[32] for £15 million. In February 2008, documents relating to the sale came to light, attracting much criticism that the purchase has been made at a time of impending crisis.[34] Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... Official website www. ... Kingston Park is a multi-use stadium in Newcastle upon Tyne, England. ...


With the nationalisation of the bank in 2008 the sponsorship activities of the bank may change, but for the moment at least, the bank will be honouring its obligations.[32]


Northern Rock Foundation

The company donates substantial amounts annually to its own charity, the Northern Rock Foundation. The foundation was formed when the company was floated, with an initial donation of 15% of the share capital and a covenant to donate 5% of the company's annual profit thereafter.[35][36] In 2006, Northern Rock was the second largest charitable giver in the FTSE 100 after ITV. [37] Image File history File links No higher resolution available. ... A covenant, in its most general sense, is a solemn promise to do or not do something specified. ... ITV plc (LSE: ITV) is the British media company that operates 11 of the 15 regional television broadcasters that make up the ITV Network, the oldest and largest commercial terrestrial television network in the United Kingdom. ...


In April 1996, when the Building Society was considering demutualisation, plans were announced by the then chairman, Robert Dickinson, for the creation of the foundation. Since the official launch of the foundation in January 1998, it has steadily grown and expanded its activities. In 2003, along with a new logo and the introduction of new programmes, the Foundation moved to a new building – the renovated Old Chapel in Gosforth.At the end of 2006 the foundation received £28.2 million investment. By the end of 2007 £190 million had been donated to the foundation, by Northern Rock.


Nationalisation will end the covenant requiring Northern Rock to remit a share of profits to the Foundation. Instead, for the next three years the Foundation will receive an annual £15 million payment from Northern Rock, whether it remains publicly-owned or returns to the private sector. The Foundation's shares will be cancelled and compensated in the same way as those of other shareholders.[38]


2007 credit crisis

People queuing outside a branch to withdraw their savings due to fallout from the subprime crisis.
People queuing outside a branch to withdraw their savings due to fallout from the subprime crisis.

On 12 September 2007, Northern Rock asked the Bank of England, as lender of last resort in the United Kingdom, for a liquidity support facility due to problems in raising funds in the money market to replace maturing money market borrowings.[39] The problems arose from difficulties banks faced over the Summer 2007 in raising funds in the money markets, caused by the subprime crisis in the United States. The bank's assets were always sufficient to cover its liabilities, but it had a liquidity problem because institutional lenders became nervous about lending to mortgage banks following the US sub-prime crisis. Bank of England figures suggest that Northern Rock borrowed £3bn from the Bank of England in the first few days of this crisis.[40] Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (2048 × 1536 pixel, file size: 373 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (2048 × 1536 pixel, file size: 373 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... is the 255th day of the year (256th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... This article needs to be cleaned up to conform to a higher standard of quality. ... This article is about short-term financing. ... The subprime mortgage financial crisis, is an ongoing financial crisis that has caused a sharp rise in home foreclosures. ... Market liquidity is a business or economics term that refers to the ability to quickly buy or sell a particular item without causing a significant movement in the price. ...


With shares in Northern Rock plummeting by nearly a third, the British Government moved to reassure investors with the bank, with account holders urged not to worry about the bank going bust. The Treasury select committee chairman John McFall MP said: "I don't think customers of Northern Rock should be worried about their current accounts or mortgages."[41][42] For other persons named John McFall, see John McFall (disambiguation). ...


Northern Rock is not the only British bank to have called on the Bank of England for funds since the sub-prime crisis began[43] but is the only one to have had emergency financial support from the Tripartite Authority (The Bank of England, the FSA and HM Treasury).[44] However, the bank is more vulnerable to a credit crunch as its business model depends on funding from the wholesale credit markets, 75% of its funds coming from this source.[45] In his address to the Treasury Select Committee, Bank of England governor Mervyn King had stated emergency funds would be made available to any British bank that needed it, but at a penalty rate, to ensure that lenders who had made bad lending decisions would suffer disadvantages relative to lenders who had made sensible lending decisions.[46] Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... The Financial Services Authority (FSA) is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. ... The new eastern entrance to HM Treasury HM Treasury, in full Her Majestys Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the UK Governments financial and economic policy. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... Mervyn Allister King (born March 30, 1948) is Governor of the Bank of England. ...


On 14 September, the first day branches opened following the news, many customers queued outside branches to withdraw their savings (a run on the bank).[47] It was estimated that £1 billion was withdrawn by customers that day, about 5% of the total bank deposits held by the Northern Rock.[48] In one incident, police were called to the branch in Cheltenham, Gloucestershire when two joint account holders barricaded the bank manager in her office after she refused to let them withdraw £1 million from their account. Their money was held in an internet only account, which they were unable to obtain after the Northern Rock website became inaccessible due to the volume of customers trying to log on.[49] is the 257th day of the year (258th in leap years) in the Gregorian calendar. ... A poster for the 1896 Broadway melodrama The War of Wealth depicts a typical 19th century bank panic in the U.S. A bank run (also known as a run on the banks) is a type of financial crisis. ... For the parliamentary constituency, see Cheltenham (UK Parliament constituency). ... Gloucestershire (pronounced ; GLOSS-ter-sher) is a county in South West England. ...


On 17 September, as worried savers continued to flock to some Northern Rock bank branches to withdraw their savings, it was reported that an estimated £2 billion had been withdrawn since the bank applied to the Bank of England for emergency funds. By early afternoon in London, Northern Rock's shares, which had lost 32% on the previous Friday, fell a further 40% from 438 pence to 263 pence.[50] Later that day, the Chancellor of the Exchequer, Alistair Darling, announced that the British Government and the Bank of England would guarantee all deposits held at Northern Rock.[51] Northern Rock shares rose by 16% after this was announced. is the 260th day of the year (261st in leap years) in the Gregorian calendar. ... Alistair Maclean Darling (born November 28, 1953) is a British politician and Chancellor of the Exchequer since June 28, 2007. ...


In an interview on BBC Radio 4, Bank of England governor Mervyn King revealed that they had anticipated emergency funding to be in the £20-30bn range.[52]
old Radio 4 logo BBC Radio 4 is a UK domestic radio station which broadcasts a wide variety of spoken-word programmes including news, drama, comedy, science and history. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... Mervyn Allister King (born 1948) is Governor of the Bank of England. ...

“ What we want to do is to give incentives for people to behave properly, so in judging the interest rate at which we lent to Northern Rock we asked ourselves the question: "At what interest rate would they have to pay in borrowing from us today that would make them regret not having taken out an insurance policy as Countrywide did before the 9th of August?" ”

— Bank of England governor, Mervyn King, BBC Radio 4 – File on 4

Eventually Matt Ridley the then chairman of the bank was forced to resign as chairman in 2007, having been blamed in parliamentary committee hearings for not recognizing the risks of the bank's financial strategy and thereby "harming the reputation of the British banking industry."[53] Matthew (Matt) Ridley (born February 7, 1958 at Newcastle upon Tyne) (not to be confused with Mark Ridley) is an English science writer. ...


In December, the EU regulators approved Britain's actions to provide aid to the Bank by concluding that it was in line with European emergency aid rules.[54]


By January 2008, Northern Rock's loan from the Bank of England had grown to £26bn. On January 11, Northern Rock announced that it had sold its portfolio of lifetime home equity release mortgages to JP Morgan for £2.2bn and that it would use this to pay off a piece of the Bank of England loan.[55][56] On January 15, 2008, a meeting was held at the 11,000 seater Metro Radio Arena to discuss the current situation at the bank; all but one of the proposals put forward by the hedge funds were rejected. is the 11th day of the year in the Gregorian calendar. ... JPMorgan Chase (NYSE: JPM) is one of the oldest financial services firms in the world. ... is the 15th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... Metro Radio Arena The Metro Radio Arena Newcastle is a 11,000 seat sports and entertainment venue based in Newcastle upon Tyne in North East England. ...


On February 6, the Office for National Statistics announced that it was treating Northern Rock as a public corporation, similar to the BBC and Royal Mail for accounting purposes, causing the loans (approximately £25 billion) and guarantees (approximately £30 billion) extended by the Bank of England and the value of the company's mortgage book (approximately £55 billion), provisionally estimated to total around £100 billion, to be added to the National Debt.[57] Although not technically a nationalisation, the decision effectively acknowledged that, In all but name, Northern Rock is now nationalised.[58] The cost of this support increased the National Debt from £537 billion, or 37.7% of GDP to around 45%,[57] breaking the so-called Golden Rule which sets the Public Sector Borrowing Requirement threshold at below 40%. The figure is the equivalent of £3,000 for every family in Britain, or an increase in the base rate of income tax of 28 pence in the pound [59]. In the 2008 Budget, the Chancellor of the Exchequer announced that the government will issue £14 billion of gilts in order to cover the Northern Rock debt [60]. is the 37th day of the year in the Gregorian calendar. ... Office for National Statistics logo The Office for National Statistics (ONS) is the United Kingdom government executive agency charged with the collection and publication of statistics related to the economy, population and society of the United Kingdom at national and local levels. ... For other uses, see BBC (disambiguation). ... Royal Mail is the national postal service of the United Kingdom. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... Nationalization is the act of taking assets into state ownership. ... GDP is an acronym which can stand for more than one thing: (in economics) an abbreviation for Gross Domestic Product. ... A fiscal rule adopted by Chancellor of the Exchequer, Gordon Brown for HM Treasury in the UK to provide a guideline for the operation of fiscal policy. ... Public sector borrowing requirement (PSBR) is the old name for the budget deficit in the United Kingdom. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... A government budget is a legal document that is often passed by the legislature, and approved by the chief executive. ... The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. ... Gilts are bonds issued by the UK Government. ...


Takeover offers

On 12 October 2007, Virgin Group, announced that they intended to bid for Northern Rock as the lead of a coalition including American giant AIG, turnaround specialist WL Ross and First Eastern Investment. Had the deal been successful, Northern Rock would have been integrated into Virgin Money,[61] as Virgin Bank.[62] It is unclear what role partners will have in the deal. This bid was later approved by the UK Treasury and has been noted as the preferred option.[63] Virgin announced that Peter McNamara, a former Alliance & Leicester managing director, would be responsible for risk management at Northern Rock if its bid succeeds.[64] is the 285th day of the year (286th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Virgin Group Ltd is a group of separately run companies that each use the Virgin brand of British celebrity business tycoon Sir Richard Branson. ... American International Group, Inc. ... The Range of colors the Virgin Credit Card is available in. ... The new eastern entrance to HM Treasury HM Treasury, in full Her Majestys Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British governments public finance policy and economic policy. ... Alliance & Leicester plc (LSE: AL.) is an awful British bank, formerly a building society. ...


The other front runner was an investment company Olivant, headed by the former chief executive of Abbey, Luqman Arnold.[65] Olivant would have kept the Northern Rock brand.[66] By November 17, a total of ten companies had put forward proposals for the bank. Among the other suitors for Northern Rock were private equity firm Cerberus,[67] JC Flowers[68] and Lloyds TSB.[69] In early December JC Flowers, dropped out of the bidding.[70] Abbey Head office. ... 17 November is also the name of a Marxist group in Greece, coinciding with the anniversary of the Athens Polytechnic uprising. ... Cerberus Capital Management LP is one of the largest private equity investment firms in USA. The firm is based in New York, N.Y., and run by 47-year-old financier Steve Feinberg. ... Lloyds TSB Group plc is a group of financial services companies, based in the United Kingdom, which was created in 1995 following the merger of the TSB Group and the Lloyds Bank Group. ...


Northern Rock announced that all offers had been "materially below" the previous trading value. Alistair Darling said on 19 November that the Government would have to approve or veto any sale, in the interests of taxpayers, depositors and wider financial stability.[71] In December the Government prepared emergency legislation to nationalise the Bank, in the event that the takeover bids fail.[72] On 12 January 2008, the Treasury recruited Ron Sandler, the former Lloyd's of London Chief Executive, to lead Northern Rock, in the event that the bank is nationalised.[73] If the Bank was to be temporary nationalised, the government would manage the Bank at "arms' length" on a commercial basis, where services for savers and borrowers would not be affected and the company would continue to operate as normal. However nationalisation would also address the future of the Northern Rock Foundation.[74] Alistair Darling rejected the possibility of the Bank being put into administration. is the 323rd day of the year (324th in leap years) in the Gregorian calendar. ... is the 12th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... It has been suggested that Council of Lloyds be merged into this article or section. ...


On December 15, Northern Rock hired the bank Goldman Sachs to put together a financing package, to assemble backers and present proposals to its board. This package would be available to any potential bidder for the bank.[75] is the 349th day of the year (350th in leap years) in the Gregorian calendar. ... The Goldman Sachs Group, Inc. ...


The deadline for bids was 4 February 2008, where final bids were expected from Virgin, Olivant and the bank’s management; other bidders could still have expressed interest. Goldman Sachs were likely to contact Cerberus and JC Flowers to see if they would like to rejoin the bidding, now that the situation has materially changed.[76] When a successful proposal has been chosen, it will be put to the European Commission by March 17, which would consider whether it conformed to EU state aid rules.[77] Olivant pulled out of the bidding (but stated that they may have still attempted a rescue bid if the Government changed their conditions[78]) on 4 February leaving just the Virgin bid and the in-house bid, led by Paul Thompson and Andy Kuipers[79] is the 35th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 76th day of the year (77th in leap years) in the Gregorian calendar. ... is the 35th day of the year in the Gregorian calendar. ...


For repayment of the Government loans, there was a proposal to create an 'asset pool' at the bank, of a size greater than the loans. The bidder would have issued bonds against this asset pool, with maturities set inline with the repayment. Proceeds from the bond issue would have also gone to the Government and the bank would have paid for a government guarantee for the bonds to trade in the market at or near prices of similar gilt-edged stocks.[77] This would have replaced the original plan for the bidders to have to find their own investors to cover the first £15bn, which proved impossible, due to the credit crunch.[80] The government would also continue to guarantee the Bank's liabilities, such as savers’ deposits.[77]


Nationalisation

On 17 February 2008, Alistair Darling, the Chancellor of the Exchequer, announced that Northern Rock was to be nationalised[5] claiming that the private bids did not offer "sufficient value for money to the taxpayer" and thus the bank will be brought under a "temporary period of public ownership".[81][82] The government would be the shareholders and manage the Bank at "arms' length" on a commercial basis. Customers are not affected by this change. A Government-appointed arbitration panel will decide on a fair price for the compensation to be offered to investors for their shares.[83] Prior to the markets opening on 18 February, trading in Northern Rock's ordinary and preference shares was suspended.[38] The Act of Parliament providing for nationalisation is the Banking (Special Provisions) Act 2008.[84] At 00:01 on 22 February Northern Rock was formally nationalised. is the 48th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... Alistair Maclean Darling (born November 28, 1953) is a British politician and Chancellor of the Exchequer since June 28, 2007. ... The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. ... is the 49th day of the year in the Gregorian calendar. ... An Act of Parliament or Act is law enacted by the parliament (see legislation). ...


It has subsequently become known that the best book of Northern Rock's mortgage business, comprising of mortgages worth £47 billion - some 40% of the company's assets - had been transferred to a Channel Islands based company called Granite, together with an ongoing obligation to continue to supply business. Failure to maintain the arrangement could cost a reported £5 billion.[85] Granite was set up as a charitable trust to benefit a small charity, Down's Syndrome North East; despite having assets worth an estimated £45 billion, Granite has never made a donation to the charity.[86] This article is about the British dependencies. ...

“ At Northern Rock's heart is Granite, a £45bn securitisation vehicle though which mortgages are parcelled up and sold to investors. Under 'substitution clauses' in Granite, investors can call in their loans if maturing mortgages are not replaced with new ones.

Should the clauses be triggered, investors could demand their funding back - potentially leaving the Government with an immediate £45bn bill. At the moment, only £25bn of taxpayer's money has actually gone into Northern Rock, through Bank of England loans. The rest of the support is via state guarantees, which the Treasury would prefer are not drawn upon. This article is about securitization in finance. ...


'Granite is the reason the Government opted for nationalisation and did not put it into administration,' one senior Northern Rock insider said. Administration would also have triggered the clause.


Granite matures in tranches, with roughly £5bn expected to come up this year and £10bn next. As the Government regains control of the vehicle, it can run it down or sell it off. Either way, the obligation will last almost five years. Hence, bankers' fervent belief that "temporary public ownership" will not be anything of the sort.[87]

 ”

On 18th March, Northern Rock announced the measures that they would be taking to reduce their Government debt, hopefully entirely within three to four years[88]. The bank is to cut around a third of jobs (2,000) by 2011. They are also aiming to half their £100 billion loan book by either selling off some mortgage assets to other lenders or possibly by declining to offer new mortgages to existing customers[89]. The Danish savings operation will also be closed by the end of 2008[90].


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For other uses, see BBC (disambiguation). ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 260th day of the year (261st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 260th day of the year (261st in leap years) in the Gregorian calendar. ... For information on Wikipedia press releases, see Wikipedia:Press releases. ... For information on Wikipedia press releases, see Wikipedia:Press releases. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 52nd day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 52nd day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 59th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 59th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 259th day of the year (260th in leap years) in the Gregorian calendar. ... For other uses, see BBC (disambiguation). ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 259th day of the year (260th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... is the 48th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... is the 256th day of the year (257th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... is the 255th day of the year (256th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... old Radio 4 logo BBC Radio 4 is a UK domestic radio station which broadcasts a wide variety of spoken-word programmes including news, drama, comedy, science and history. ... is the 310th day of the year (311th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The International Herald Tribune is a widely read English language international newspaper. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 292nd day of the year (293rd in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 48th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... This article concerns the British newspaper. ... is the 39th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... This article concerns the British newspaper. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 72nd day of the year (73rd in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... is the 21st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 51st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 52nd day of the year in the Gregorian calendar. ... This article concerns the British newspaper. ... This article concerns the British newspaper. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 77th day of the year (78th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 77th day of the year (78th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 77th day of the year (78th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 77th day of the year (78th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 77th day of the year (78th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 77th day of the year (78th in leap years) in the Gregorian calendar. ...

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Private banks: Adam and Company • Arbuthnot Latham & Co • Coutts & Co • Drummonds Bank • Harrods Bank
State-owned banks: National Savings and Investments • Northern Rock 
Image File history File links Commons-logo. ... Image File history File links WikiNews-Logo. ... Wikinews is a free-content news source and a project of the Wikimedia Foundation. ... Image File history File links WikiNews-Logo. ... Wikinews is a free-content news source and a project of the Wikimedia Foundation. ... A commercial bank is a type of financial intermediary and a type of bank. ... Abbey Head office. ... Airdrie Savings Bank Limited is a small commercial bank operation in the Lanarkshire and Glasgow areas of Scotland. ... Alliance & Leicester plc (LSE: AL.) is an awful British bank, formerly a building society. ... Allied Irish Bank (GB) is a commercial bank operating in Great Britain. ... Anglo Irish Bank Corporation plc (ISEQ: ANGL), (LSE: ANGL), (Xetra: CKL), is a bank based in Ireland, listed on both the Irish Stock Exchange and the London Stock Exchange, and headquartered in Dublin. ... -1... The Barclays Group is based in One Churchill Place, Canary Wharf Barclays plc (LSE: BARC, NYSE: BCS, TYO: 8642 ) is a global financial services provider and sportswear consultancy operating in Europe, the United States, the Middle East, Latin America, Australia, Asia and Africa. ... My wife and I went to visit our daughter in the UK. I used my Ulster Bank credit card and wasnt charged any extra fees. ... Birmingham Midshires logo Birmingham Midshires is a commercial bank in the United Kingdom, a subsidiary of Halifax plc (part of HBOS). ... Bradford & Bingley plc (LSE: BB.) is a British bank headquartered in the Yorkshire town of Bingley. ... Bristol and West plc (B&W) is a commercial bank in the United Kingdom, a division of the Bank of Ireland. ... Cahoot is the internet division of Abbey National plc, a United Kingdom bank which since 2004 is a subsidiary of Banco Santander of Spain. ... A high-street branch of the C&G. C&G (Cheltenham and Gloucester Plc) is a commercial bank in the United Kingdom, a subsidiary of Lloyds TSB. C&G specialises in mortgages and savings products. ... The Clydesdale Bank PLC (Scottish Gaelic: ) is a commercial bank in the United Kingdom, a subsidiary of the nab Group. ... The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It is an ethical bank, and refuses to invest in companies involved in the arms trade, global climate change, genetic engineering, animal testing and use of sweated labour as stated in... Egg Banking plc is a British internet bank, with headquarters in Derby, Dudley and London, England. ... first direct logo first direct is a telephone and internet based commercial bank in the United Kingdom, a division of HSBC Bank plc. ... of Britains Best Business Bank from the Forum of Private Business, being ranked top for customer service and maintaining its lead over other major banks. ... Halifax is a commercial bank in the United Kingdom, one of the trading names of the Bank of Scotland plc which is part of the HBOS Group. ... HSBC Bank plc is a Clearing Bank in the United Kingdom, and is one of the Big 4 high street banks. ... Intelligent Finance (IF) is a telephone and internet based commercial bank in the United Kingdom, a division of Halifax plc which is part of HBOS plc. ... The Islamic Bank of Britain plc (LSE: IBB) is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to British Muslims. ... Julian Hodge Bank is a small commercial bank in the United Kingdom. ... Lloyds TSB Group plc is a group of financial services companies, based in the United Kingdom, which was created in 1995 following the merger of the TSB Group and the Lloyds Bank Group. ... National Westminster Bank Plc, or NatWest, is a commercial bank in the United Kingdom which has been part of The Royal Bank of Scotland Group Plc since 2000. ... Northern Bank, is a commercial bank in Northern Ireland. ... Formerly known as The Salvation Army Bank, Reliance Bank Limited was founded in 1890 by William Booth. ... The Royal Bank of Scotland Plc (Scottish Gaelic: [1]) is one of the retail banking subsidiaries of Royal Bank of Scotland Group plc, which together with NatWest, provides branch banking facilities in the United Kingdom. ... Sainsburys Bank is a UK based bank operated by J Sainsbury plc and HBOS plc (Halifax Bank of Scotland), with 55% and 45% shares respectively. ... The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It claims to be an ethical bank, and refuses to invest in companies involved in the arms trade, genetic engineering, animal testing and use of sweated labour. ... Standard Chartered Bank (LSE: STAN, SEHK: 2888) is a British bank headquartered in London with operations in more than fifty countries. ... Historic The first self service Tesco, which is in in St Albans Tesco PLC is a United Kingdom based international supermarket chain. ... Ulster Bank (Irish: Banc Uladh[1]) is a large commercial bank, one of the Big Four in both the Northern Ireland and the Republic of Ireland. ... A high-street branch of the Yorkshire Bank. ... It has been suggested that this article or section be merged with private banking. ... Adam and Company is a private bank based in the United Kingdom, part of the Royal Bank of Scotland Group. ... Arbuthnot Latham & Co is a small private bank (a merchant bank) based in Moorgate in the City of London in the UK. It achieved status as one of the twelve accepting houses. ... Coutts is a British bank. ... Type - Private Bank Motto - Prius Mori Quam Fidem Fallere Parent company - The Royal Bank of Scotland Founder - Andrew Drummond Established - 1717}} Drummondsis an English private banking housewho origins can be traced back over 290 years to 1717. ... Harrods Bank Limited is a private personalized banking service which operates from the Harrods store in Knightsbridge. ... NS&I National Savings and Investments (NS&I), formerly called the National Savings Bank, is a state owned savings bank in the United Kingdom. ...

  Results from FactBites:
 
Northern Rock (Guernsey) Limited - Offshore Investment (225 words)
The guarantee arrangements for Northern Rock Guernsey, agreed through Northern Rock plc with the Bank of England and HM Treasury remain in place.
Northern Rock (Guernsey) Limited is a wholly owned subsidiary of Northern Rock plc and conducts business only in Guernsey, Channel Islands.
Northern Rock (Guernsey) Limited is licensed under The Banking Supervision (Bailiwick of Guernsey) Law, 1994 as amended.
Northern Rock Loans (146 words)
Northern Rock Loans provide competitive unsecured personal loans fro existing and new customers.  Northern Rock provides a range of secured loans only to existing mortgage customers.
Northern Rock’s main business is providing mortgages fro UK residents.
With a Northern Rock personal unsecured loan you can borrow from £ 1,000 up to £ 25,000 with a fixed interest rate.  A Northern Rock personal unsecured loan can be used purchase a new car, consolidate debt, a luxury holiday or for home improvements.
  More results at FactBites »


 

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