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 NRAM 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 April 2014 comprise
- £14.9bn of loans in NRAM;
- £5bn 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.
14th October 2014
UKAR sells mortgage portfolio for £2.7bn
UK Financial Investments Limited (“UKFI”) today announces that following a competitive sales process, UK Asset Resolution (“UKAR”) has agreed to sell a portfolio of mortgages for a price of approximately £2.7bn. This sale forms part of UKAR’s activity to reduce the size of the closed mortgage books of B&B and NRAM in a way that delivers value for taxpayers.
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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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