Nationalisation of Northern Rock that Northern Rock was to be nationalised claiming that the private bids did not offer "sufficient value for money to the taxpayer" and thus the bank was to be brought under a "temporary period of public ownership". The government is the sole shareholder through UK Financial Investments Limited, and the Bank is managed at "arm's length" on a commercial basis by an independent board under Ron Sandler. Customers are not affected by this change. A Government-appointed arbitration panel will decide on a fair price for the compensation to be offered to investors for their shares. Prior to the markets opening
Chairman of the Presidium of Pridnestrovia created the Pridnestrovian Moldovan SSR also expressed the will of the delegates that Igor Smirnov, heretofore chairman of the Tiraspol city soviet, lead the Supreme Soviet as its chairman. With the passing of the Soviet Union, whose government never recognized the PMSSR as a constituent republic, the now Pridnestrovian Moldovan Republic (PMR) was reorganized into a presidential republic. The Supreme Soviet survived as the legislative organ of government. However, in this new arrangement the Presidium was absent, its powers going to the republic’s new executive branch, the office of the president. On 3 December 1991, Igor Smirnov won an election