Posts Tagged ‘bad bank’
Northern Rock’s Guernsey operation to close in September
Nationalised Northern Rock has today announced it is to close its banking operation in Guernsey on 2 September.
The closure of Guernsey‘s activities, which come after a review of offshore operations, is the latest step in the bank’s turnaround plan.
Its Guernsey operation was launched in February 1996 and it currently has some 6,000 customers, of [...]
Northern Rock savers lose 100% guarantee
Savers with Northern Rock have today lost the 100% guarantee on their cash.
The move, which was announced back in February, means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS).
The 100% guarantee was put [...]
Northern Rock sees losses narrow
State-owned bank Northern Rock has today announced losses for the 2009 year fell to £258 million, compared with £1.36 billion in the previous year.
Despite the loss, the Newcastle-based bank said it is awarding staff £14.9m in bonuses but Gary Hoffman, the chief executive of Northern Rock, is waiving his payout.
Northern Rock said Mr Hoffman’s long-term [...]