Nationalisation of Northern Rock that Northern Rock was to be nationalised claiming that the private bids did not offer "sufficient value for money to the taxpayer" and thus the bank was to be brought under a "temporary period of public ownership". The government is the sole shareholder through UK Financial Investments Limited, and the Bank is managed at "arm's length" on a commercial basis by an independent board under Ron Sandler. Customers are not affected by this change. A Government-appointed arbitration panel will decide on a fair price for the compensation to be offered to investors for their shares. Prior to the markets opening
Nationalisation of Northern Rock shareholders lost their appeal, but some shareholders said that they would now try to take the case to the House of Lords. On 22 December it was reported that the shareholders had again lost their appeal, and now they will be going to the European Court of Human Rights in Strasbourg. On 8 December it was announced that the Northern Rock shareholders were to get no compensation, based on the findings of the valuer Andrew Caldwell. This then went to a tribunal, 'Northern Rock v. Andrew Caldwell and HM Treasury, Upper Tribunal (Tax and Chancery Chamber), NR/001/2010, where the shareholders'