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 appointed Moelis & Company as advisers for the divestments. In September and October 2009 various groups of people, including the Building Societies Association, called for the Northern Rock to be remutualised. Treasury minister Sarah McCarthy-Fry said that the idea of mutualisation had not been ruled out. The Northern Rock Building Society had previously been de-mutualised in 1997, to become a bank. In the Labour Party's 2010 Manifesto there was a mention of a possible "mutual solution" for Northern Rock. The Liberal Democrat's Manifesto noted that the party would have turned Northern Rock into a building society. On 1 February it