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 of £50-80 million would be paid upon a future profitable IPO or sale in the next five years. A £73 million deferred consideration was paid by Virgin by July 2012. In 2014 Virgin Money repaid a further £154.5 million that it had received as part of the refinancing package. The sale went through on 1 January 2012. The government said it had no plans to sell Northern Rock (Asset Management). There will be no further job losses for at least three years, except for the ones already announced previously. Virgin have also pledged to keep the headquarters of the new