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.
16th May 2013
Statement re: Lloyds Annual General Meeting
UKFI has lodged votes in favour of all resolutions at the bank’s Annual General Meeting on 16 May. download [15,3 KB]
14th May 2013
Statement re: RBS Annual General Meeting
UKFI has lodged votes in favour of all resolutions at the bank’s Annual General Meeting on 14 May download [15,3 KB]