Nationalisation of Northern Rock book over 3 years; this would be achieved by Lloyds TSB offering new mortgages to Northern Rock customers who are nearing the end of their fixed-rate deals. It was confirmed on 20 May 2008 that Northern Rock would continue to sponsor both Newcastle United and the Newcastle Falcons, the former due to the long-term agreement between them and the club. Chief Executive Ron Sandler was quoted as saying: "We have already ended a number of sponsorships that I inherited... but we have chosen to continue the sponsorship of Newcastle United and Newcastle Falcons, partly because of commitments we have entered
Nationalisation of Northern Rock on 18 February, trading in Northern Rock's ordinary and preference shares on the London Stock Exchange was suspended. The legal authorisation for the nationalisation is the Banking (Special Provisions) Act 2008, which also allows for the nationalisation of other banks if necessary. At 00:01 on 22 February Northern Rock was formally nationalised. In November 2008 the government set up a new company, UK Financial Investments Limited, to manage their shareholdings in Northern Rock and Bradford & Bingley. On 10 March 2009 the Office of Fair Trading published their report on the impacts of public support for Northern Rock on competition