Nationalisation of Northern Rock in financial services. The OFT concluded that "public support for Northern Rock did not, during that period, have a significantly adverse impact on competition." In February 2008, Ron Sandler was appointed Executive Chairman by the government. Bryan Sanderson, Sir Ian Gibson, David Jones and Paul Thompson resigned from the board at this time. Gary Hoffman became Chief Executive of Northern Rock in October 2008. He has previously been the vice chairman of Barclays and a former Managing Director of Barclaycard. With the appointment of Gary Hoffman, Ron Sandler changed to a Non-Executive Chairman position. On 4 November 2010 Hoffman left
Nationalisation of Northern Rock with fresh mortgages and bondholders will be repaid as old mortgages expire. On 18 March, Northern Rock announced the measures that it would be taking to reduce the government debt within three to four years. The bank is to cut around a third of jobs (2,000) by 2011; on 1 May the bank confirmed that they would be initialising talks with the unions and that most of the job losses would be later in 2008. As of 30 September 2008 the bank is repaying the loan well ahead of target, owing a net balance of only £11.5 billion of the