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NORTHERN Rock’s shareholders have been told they are unlikely to get compensation as it was confirmed the institution’s split into a “good” bank and “bad” bank will take place on New Year’s Day. Full Article at The Northern Echo
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2009-12-09 12:32:38 - Northern Rock plc - Strategic Analysis Review - a new market research report on companiesandmarkets.com its strengths and weaknesses and the opportunities and threats it faces going forward. Full Article at PR-Inside.com
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A sign is seen outside a branch of the Northern Rock bank in central London August 4, 2009. View Photo »
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All Northern Rock needed was the lender of last resort facility and, lo and behold, they did just that with RBS and HBOS. Why was Northern Rock the only bank they didn't keep going?
SOURCE: The Telegraph -
Northern Rock shareholders should not receive compensation for the lender's nationalisation, a valuer has said. Andrew Caldwell, a partner at BDO Stoy Hayward, said the bank's shares would have had no value if Northern Rock had avoided public ownership. Full Article at BBC News
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The provisional view of independent valuer Andrew Caldwell, of BDO, is that there would not have been anything left for shareholders had Northern Rock had to pay back more than £25 billion Bank of England loans last year. Full Article at The Scotsman
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Thousands of shareholders whose investments in Northern Rock were wiped out when the bank was nationalised were told yesterday that they should receive no compensation because the bank would still have been left with a £5.7bn hole in its finances after... Full Article at The Independent
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A man is seen in a branch of the Northern Rock bank in central London August 4, 2009. View Photo »
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The Bank of England, Treasury and Financial Services Authority took action to protect deposits in Northern Rock and the Bank had the power and used it effectively to provide emergency support to Northern Rock to keep its doors open. The Bank did deal with the situation effectively.
SOURCE: The Telegraph -
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NEW YORK, Dec. 8 (UPI) -- U.S. markets followed markets in Asia and Europe with a quick slide Tuesday, with the major boards in red ink through the day. Weakness was widespread. Full Article at United Press International
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Industrial output: Official data showed that industrial and manufacturing output were flat during October, confounding analysts’ expectations for a 0.4 per cent rise. Output rose by 1.3 per cent in September. Full Article at Times Online
About Northern Rock
Wikipedia
Northern Rock plc is a British bank, currently under temporary ownership of the UK government. It is based at Regent Centre in Newcastle upon Tyne in North East England in the United Kingdom. Full Article
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Reuters Pictures
A sign is seen outside a branch of the Northern Rock bank in central London August 4, 2009.
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Reuters Pictures
A man is seen in a branch of the Northern Rock bank in central London August 4, 2009.
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Reuters Pictures
A pedestrian walks past a branch of the Northern Rock bank in central London August 4, 2009.
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Reuters Pictures
A pedestrian walks past a branch of the Northern Rock bank in central London August 4, 2009.
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AP Photo
A branch of Northern Rock is seen in the City of London, Tuesday Aug. 4, 2009. Nationalized bank Northern Rock on Tuesday reported that it lost 740 million pounds ($1.25 billion) in the first half, up 31 percent from the same period a year ago.
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AP Photo
A branch of Northern Rock is seen in the City of London, Tuesday Aug. 4, 2009. Nationalized bank Northern Rock on Tuesday reported that it lost 740 million pounds ($1.25 billion) in the first half, up 31 percent from the same period a year ago.
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AP Photo
A branch of the Northern Rock bank is seen in central London, Tuesday, March 3, 2009.
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AP Photo
A branch of the Northern Rock bank in central London, Tuesday, March 3, 2009.
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Reuters Pictures
Pedestrians walk past a branch of a Northern Rock bank in the City of London March 3, 2009. British state-owned bank Northern Rock said on Tuesday it made a loss of 1.36 billion pounds ($1.91 billion) in 2008, confirming guidance it gave in an update last month.
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AP Photo
A man walks past a branch of the Northern Rock bank in the City of London, Monday Feb. 23, 2009. Nationalized lender Northern Rock says it will increase its home loan business, part of the British government's effort to stimulate the country's depressed housing market.
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AP Photo
A woman walks past a branch of the Northern Rock bank in the City of London, Monday Feb. 23, 2009. Nationalized lender Northern Rock says it will increase its home loan business, part of the British government's effort to stimulate the country's depressed housing market.
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AP Photo
People walk past a branch of the Northern Rock bank in the City of London, Monday Feb. 23, 2009. Nationalized lender Northern Rock says it will increase its home loan business, part of the British government's effort to stimulate the country's depressed housing market.
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Reuters Pictures
Pedestrians walk past a branch of the Northern Rock bank in the City of London February 23, 2009.
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Reuters Pictures
Pedestrians walk past a branch of the Northern Rock bank in the City of London February 23, 2009.
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Reuters Pictures
A pedestrian walks past a branch of the Northern Rock bank in the City of London February 23, 2009.
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AP Photo
Pedestrians walk past a branch of Northern Rock bank in London, Friday, Feb. 13, 2009. A court on Friday rejected claims by former shareholders in nationalized mortgage lender Northern Rock, that the government was unfairly profiting from a plan to compensate them.
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Getty Images
LONDON, ENGLAND - JANUARY 23: A woman walks past a branch Northern Rock on January 23, 2009 in London, England. The troubled bank, which received a substantial bail out from the UK Government, has agreed to pay to pay it's staff bonuses of around 10% of their salaries.
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Getty Images
A Northern Rock bank branch is pictured in London, on January 19, 2009. Britain unveiled a second bank rescue package worth tens of billions of pounds Monday, aimed at kick-starting lending to homeowners and businesses and curb an alarmingly deepening recession.
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Getty Images
A Northern Rock bank branch is pictured in London, on January 19, 2009. Britain unveiled a second bank rescue package worth tens of billions of pounds Monday, aimed at kick-starting lending to homeowners and businesses and curb an alarmingly deepening recession.
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Getty Images
A Northern Rock bank branch is pictured in London, on January 19, 2009. Britain unveiled a second bank rescue package worth tens of billions of pounds Monday, aimed at kick-starting lending to homeowners and businesses and curb an alarmingly deepening recession.
View Photo » -
Getty Images
A Northern Rock bank branch is pictured in London, on January 19, 2009. Britain unveiled a second bank rescue package worth tens of billions of pounds Monday, aimed at kick-starting lending to homeowners and businesses and curb an alarmingly deepening recession.
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Getty Images
A Northern Rock bank branch is pictured in London, on January 19, 2009. Britain unveiled a second bank rescue package worth tens of billions of pounds Monday, aimed at kick-starting lending to homeowners and businesses and curb an alarmingly deepening recession.
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Getty Images
Workmen walk past a branch of Northern Rock in Liverpool, northwest England, on January 19, 2009.
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Former Northern Rock employee Dennis Grainger, leader of the Northern Rock North East Action Group, stands outside the High Court in London, on January 13, 2009.
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Getty Images
Former Northern Rock employee Dennis Grainger, leader of the Northern Rock North East Action Group, stands outside the High Court in London, on January 13, 2009.
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Reuters Pictures
A man is seen in a branch of the Northern Rock bank in central London August 4, 2009.
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All Northern Rock needed was the lender of last resort facility and, lo and behold, they did just that with RBS and HBOS. Why was Northern Rock the only bank they didn't keep going?
SOURCE: The Telegraph -
The Bank of England, Treasury and Financial Services Authority took action to protect deposits in Northern Rock and the Bank had the power and used it effectively to provide emergency support to Northern Rock to keep its doors open. The Bank did deal with the situation effectively.
SOURCE: The Telegraph -
Over the past few years the government of Britain removed from the Bank of England most of its supervisory authorities. When the crisis hit - for example when the Northern Rock bank came under stress - the Bank of England was completely in the dark and unable to deal effectively with what turned out to ...
SOURCE: The Telegraph -
There's been a lot of talk back home ... about a lack of transparency, and a mountain of unsustainable debt. I don't know why that is. Envy, maybe? Hypocrisy, certainly. I don't think what went on at Enron and Northern Rock and Lehman's was very transparent.
SOURCE: Guardian Unlimited -
we do not believe there is a Northern Rock lurking in Ireland.
SOURCE: Irish Times -
The divestments Lloyds will make will lead to an important shake-up of the UK retail banking market. Together with divestments from Royal Bank of Scotland [RBS] and the eventual sale of Northern Rock, consumers could have three new banks competing for their business on the high street within four years.
SOURCE: Times Online -
We were not the only victims ... Bear Stearns, HBOS, Royal Bank of Scotland, Northern Rock, all the American investment banks – all of them were essentially bankrupt. And why did the big banks not fail there? The UK and US governments came in and supported them. Of course, this could not happen in Icela...
SOURCE: Guardian Unlimited -
We have committed to return Northern Rock to the market ... we have seen Tesco make a very significant commitment and Virgin has applied for a banking licence. We have also seen Metro Bank [launch] in the south-east. I can see a quite radical change in the high street presence of retail banking. We will...
SOURCE: Guardian Unlimited -
Clearly we have seen some consolidation with Halifax, Alliance & Leicester, Bradford & Bingley and Northern Rock having changed ownership. The concentration has allowed the banks to exploit the lack of competition and they have been increasing margins but not just to repair balance sheets. The move is a...
SOURCE: The Telegraph -
We will be able to split Northern Rock by the end of the year but I'm not going to rush into a sale. We will only sell when the time is right and when the price is right
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We have what we believe is a viable bank [with Northern Rock], which can be sold with private investment coming back in. The remaining assets, they’re not all bad, some of them, you know. If we could take commercial property for example, it may not be worth that much today, but in time it will come back
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The failure of Northern Rock [in 2007] would have had major detrimental effects on the UK mortgage market and the overall financial stability of the UK economy
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The Government's actions over the past two years to stabilise Northern Rock have protected the savings and deposits of hundreds of thousands of British families.
SOURCE: The Northern Echo -
The UK government has let it be known within city circles that Lloyds bank, Royal Bank of Scotland and Northern Rock will all be broken up and sold off in due course, as the UK government looks to increase competition in the sector and alleviate the potential problem of overdependence on a small group o...
SOURCE: RangersMedia -
The government has today welcomed the European Commission's approval of the legal and capital restructure of Northern Rock
SOURCE: EUbusiness -
Splitting Northern Rock into ‘good’ and ‘bad’ banks risks leaving the taxpayer with the scraps while the private sector gets the prime cuts
SOURCE: Bloomberg.com -
It is obviously the intention of the government to sell off branches from Royal Bank of Scotland, Lloyds Banking Group, Northern Rock and Bradford & Bingley to new kids on the block. Tesco is an obvious choice and would be popular.
SOURCE: Moneywise -
Northern Rock recently offered one of our clients, a Goldman Sachs employee, a deal taking into account 50% of his cash bonus when assessing his income. It made the offer even though there was no bonus the previous year — this sets Northern Rock apart as most banks require a consistent history of bonuse...
SOURCE: Times Online -
Two years ago it looked like Northern Rock had come to an end and I think it is a real tribute to the staff here who have gone through a very difficult two years that they have held everything together
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As for the restructuring of the banking system, as to whether there should be investment banks on the one side and retail banks only on the other side, he has got to remember that Northern Rock was effectively a retail bank and it collapsed
SOURCE: This Is London -
They made the wrong choice on Northern Rock, the wrong choice on jobs and spending, the wrong choice on mortgage support, the wrong choice on working with Europe. A party that makes the wrong choices, on the most critical decisions it would have faced in government, should not be given the chance to be ...
SOURCE: The Northern Echo -
The Tories made the wrong choices on Northern Rock and mortgage support. The Conservative Party were faced with the economic call of the century and they called it wrong. And I say a party that makes the wrong choices on the most critical decisions it would have faced in government should not be given t...
SOURCE: The Scotsman
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