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 soundness," the FSA said. The British Bankers' Association (BBA), the UK banking body, agreed. In May 2009 the "Financial Times" reported that banking regulators had been examining "war games" as early as 2004, which dealt with possible turmoil in the mortgage markets. HBOS and Northern Rock are thought to have featured in these predictions. Commencing in October 2007, the All Party Commons Treasury Select Committee undertook a report into the failure of Northern Rock. The Committee held several televised meetings, in which they called witnesses from the former Board of Northern Rock, the Bank of England, the Treasury, and the