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 vast improvement on the previous year's losses of £1.36 billion. Due to the year's performance staff were awarded a total of £13.4 million in bonuses. Chief Executive Gary Hoffman waived his bonus payout of £700,000. As a part of the restructuring the Guernsey business was shut down on 2 September 2010. Customers of the Guernsey business were given three months notice. The €650 million worth of Irish deposits were sold to Permanent TSB in 2011. On 23 July 2012 it was announced that Virgin would be acquiring £465 million worth of mortgage assets from Northern Rock (Asset Management) plc. In