UKFI’s activities in relation to the management of the Wholly-Owned Investments are set out in the UKFI Framework Document - Revised October 2010 Version
and UKFI Investment Mandate - Revised October 2010 Version
The ‘Wholly Owned’ investments comprised Northern Rock plc and UK Asset Resolution Ltd (UKAR), until the sale of Northern Rock plc to Virgin Money on 1 January 2012. UKAR was formed during 2010 to integrate the activities of Northern Rock (Asset Management) plc and Bradford & Bingley plc. UKFI managed the Government’s 100% shareholding in Northern Rock plc from its formation on 1 January 2010 until its sale.
Government investments as of 1 January 2012 comprise:
- £19.7bn of loans in Northern Rock (Asset Management);
- £8.4bn of Working Capital Facility (WCF) in Bradford & Bingley plc with an additional £18.4 billion statutory debt comprising £15.7 billion owed to the Financial Services Compensation Scheme (FSCS) (via a loan from HM Treasury) and £2.7 billion owed directly to HM Treasury, reflecting the value of the retail deposits which were transferred to Abbey National plc.
- £150m of Tier 1 capital notes in Virgin Money following their acquisition of Northern Rock plc on 1 January 2012.
25th July 2014
Sale of Tier 1 Notes to Virgin Money
UK Financial Investments Limited (UKFI), acting on behalf of HM Treasury, today announces the sale of its holding of Tier 1 notes issued by Virgin Money
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25th June 2014
Statement re: Royal Bank of Scotland Annual General Meeting and general meetings
UKFI has lodged votes in favour of all resolutions on which UKFI was eligible to vote at the bank’s Annual General Meeting and general meetings on 25 June.
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