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 it was announced that Northern Rock would change its business strategy by offering more retention deals to its existing mortgage borrowers as their products expire, hence taking longer to pay back the remainder of its Government loan. Alistair Darling noted that it was "not appropriate for Northern Rock to continue to shrink its activities". "The Daily Mail" reported on 23 January, that the Government were considering injecting up to £10 billion into Northern Rock, as a new business plan at the bank. However, the European Commission may object to changes in how the bank is run, and that it may