Nationalisation of Northern Rock in the event that the takeover bids fail. On 12 January 2008, the Treasury recruited Ron Sandler, the former Lloyd's of London Chief Executive, to lead Northern Rock, in the event that the bank was nationalised. If the Bank was to be temporarily nationalised, the government would manage the Bank at "arm's length" on a commercial basis, where services for savers and borrowers would not be affected and the company would continue to operate as normal. However nationalisation would also address the future of the Northern Rock Foundation. Alistair Darling rejected the possibility of the Bank being put into administration.
Administrator of the government therefore been pleased to direct that no action shall be taken upon it". Under the 1965 draft constitution, if the queen did not appoint a governor-general within fourteen days of advice being tendered by the prime minister, a regent was to be appointed. In deference to the Royal Family, however, on 16 December, Smith amended his original plan to appoint a Regent and Dupont was appointed as "officer administering the government". Consequently, legislation passed after UDI was "enacted by His Excellency the Officer Administering the Government, as the representative of the Queen's Most Excellent Majesty, by and with the advice