UKFI’s activities in relation to the management of the Wholly-Owned Investments are set out in the UKFI Framework Document - Revised October 2014 Version
and UKFI Investment Mandate - Revised October 2014 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
- £13.6bn of loans in NRAM;
- £2.4bn 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.
4th December 2015
Intention to continue selling shares in Lloyds Banking Group plc through Trading Plan
UKFI today announces that it intends to continue to sell part of Her Majesty’s Treasury’s (“HMT”) shareholding in Lloyds Banking Group plc (the “Company”) over the coming months pursuant to an extension of the pre-arranged trading plan originally announced on 17 December 2014, as extended on 1 June 2015.
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13th November 2015
UKAR announces sale of £13bn portfolio of NRAM assets
UK Financial Investments Limited (UKFI), today confirms that following a competitive sales process, UK Asset Resolution Limited (UKAR), has agreed to sell a £13bn portfolio of NRAM mortgages and unsecured loans to affiliates of Cerberus Capital Management LP.
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