Wholly-Owned Investments
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 comprise Northern Rock plc (NR) and UK Asset Resolution Ltd (UKAR), the holding company of Bradford and Bingley plc and Northern Rock (Asset Management) plc (NRAM). As set out in the UKFI Annual Report and Accounts 2009/10, as at 1st January 2010 the Government had funded:
• £1.4bn of equity to Northern Rock plc;
• £22.8bn of loans in Northern Rock (Asset Management);
• £8.5bn of Working Capital Facility (WCF) in Bradford & Bingley plc with an additional £18.4 billion statutory debt comprising £15.8 billion owed to the Financial Services Compensation Scheme (FSCS ) (via a loan from HM Treasury) and £2.6 billion owed directly to HM Treasury, reflecting the value of the retail deposits which were transferred to Abbey National plc.
QUICK LINKS
PRESS RELEASE
11th January 2012UKFI Management Changes
UKFI today announces that Sir David Cooksey is retiring as Chairman. Robin Budenberg will become Chairman in his place and Jim O'Neil (currently responsible for UKFI's investments in Lloyds and RBS) will become Chief Executive. download [18,8 KB]
PRESS RELEASE
1st January 2012UKFI confirms completion of Northern Rock sale to Virgin Money
UK Financial Investments Ltd (UKFI) today confirms the completion of the sale of 100% of the share capital of Northern Rock plc (Northern Rock) by HM Treasury to Virgin Money Holdings (UK) Limited (Virgin Money) download [15,5 KB]