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.
Nationalisation of Northern Rock the private sector by the end of the year. On 17 November 2011 the UK Government announced the sale of Northern Rock to Virgin Money for £747m. On 26 June 2009 the bank confirmed that it was to be split into two parts, an "assetco" and a "bankco". The plan was also to include that the remaining amount of the government loan was to be repaid by the end of 2010. On 28 October the European Commission waived through plans to split the bank off and sell the "good" parts off. On 8 December the Northern Rock plc Transfer Order