Northern Rock
Management
Ron Sandler ( Non-Executive Chairman )
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Northern Rock was a financial company in the UK. The former headquarters of Northern Rock is located at the Regent Centre outside of Newcastle upon Tyne in northeastern England. The company went public in 1997 with the IPO from the Northern Rock Building Society forth. Northern Rock shares were traded until 19 February, 2008 at the London Stock Exchange in the FTSE 100 with ISIN GB0001452795. In the wake of the financial crisis Virgin Money took over the nationalized Northern Rock in 2011.
History
Northern Rock is regarded as the eighth largest bank in the UK (February 2008). The Northern Rock Building Society was the result of a merger in 1965 between the companies Northern Counties Permanent Society (founded 1850) and the company skirt Building Society ( founded in 1865 ).
Northern Rock has offices in Ireland, Denmark and Germany. The Company had in mid-2007 over 76 branches which 1.4 million customers and a mortgage volume of 145 billion euros under management The Institute is a sponsor of the football club Newcastle United and rugby league club Newcastle Falcons and the Cricket Club Durham County Cricket Club and Middlesex County Cricket Club.
Crisis in the U.S. mortgage market
Due to the shortage of liquidity in the money market as a result of the subprime crisis in 2007, the company ran into funding difficulties. As a result, it came to the mass- withdrawal of funds by customers. From Friday 14 September to Monday 17 September highlighted the customers about two billion pounds (about 2.9 billion euros ) of the Bank's accounts, so that September 17 had the switch opening times will be extended to the onslaught to be frightened investors Lord. Then said the British Finance Minister Alistair Darling, where appropriate, the Bank of England and the government would put regulations in place that would guarantee all deposits at Northern Rock during the current instability in the financial markets.
On 17 February 2008 Darling announced that the financial institution is temporarily nationalized, because none of the offers for sale the seasoned bank " under the current market conditions " was high enough. There were offers of Virgin Group billionaire Richard Branson as well as a management of Northern Rock. Previously, the guarantee statement the government can not stop the deduction of funds. With the Northern Rock a private company in the UK was nationalized for the first time since the seventies.
Sale to Virgin Money
On 17 November 2011 the UK Treasury HM Treasury announced the sale of Northern Rock for 747 million British pounds ( 873 million euros ) to Virgin Money is a subsidiary of the British Virgin Group known. Subject to antitrust clearances, the acquisition is expected to be completed by January 2012. The " Northern Rock Asset Management " in which rich risk securities and loans were split off last year, remains with the UK government, and is to be completed over a longer period.