Nationalisation Of Northern Rock
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, following problems in the credit markets, during the current financial crisis. On 22 February 2008 the bank was taken into state ownership. The nationalisation was a result of two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of savers and investors money.
On 17 November 2011 it was announced that Virgin Money were going to buy Northern Rock for £747 million, from UK Financial Investments Limited (UKFI). The deal was finalised on 1 January 2012 and by October of that year the high street bank operated under the Virgin Money brand.
Read more about Nationalisation Of Northern Rock: Nationalisation, Eventual Return To The Private Sector, Sale To Virgin Money, See Also
Famous quotes containing the words northern and/or rock:
“The note of the white-throated sparrow, a very inspiriting but almost wiry sound, was first heard in the morning, and with this all the woods rang. This was the prevailing bird in the northern part of Maine. The forest generally was alive with them at this season, and they were proportionally numerous and musical about Bangor. They evidently breed in that State.”
—Henry David Thoreau (1817–1862)
“Amongst the learned the lawyers claim first place, the most self-satisfied class of people, as they roll their rock of Sisyphus and string together six hundred laws in the same breath, no matter whether relevant or not, piling up opinion on opinion and gloss on gloss to make their profession seem the most difficult of all. Anything which causes trouble has special merit in their eyes.”
—Desiderius Erasmus (c. 1466–1536)