Nationalisation of Northern Rock mortgage products, but the other company, "Northern Rock (Asset Management) plc", will not. The subsidiary in Guernsey, Northern Rock (Guernsey) Limited, and all Irish accounts are owned by the new Northern Rock plc. After the split there are two boards of directors; Ron Sandler is the Chairman of the new Northern Rock plc and Richard Pym is Chairman of the Asset Management company. Gary Hoffman is Chief Executive of both companies. On 10 March 2010 Northern Rock (Asset Management) plc announced that for the year 2009 the company made a better than expected loss of £257.4 million; this was a
Nationalisation of Northern Rock 2009 was laid before parliament and in this the Treasury announced that this restructuring would take place from 1 January 2010. There are two companies; the first being a new company, to be re-registered with the name "Northern Rock plc", which contains the bank's retail and wholesale deposit business, and the second being the current Northern Rock plc renamed to "Northern Rock (Asset Management) plc", which retains the balance of the bank's mortgage book, the Government loan, other borrowings, derivatives and certain wholesale deposits (held on behalf of Granite). The bank, "Northern Rock plc", would be offering new savings and