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 remained employed within the company. Currie later took early retirement with a bonus package reportedly worth £2.5 million, and in 2012, aged 56, was found dead at his home after reportedly suffering from depression over the bank's demise. The Chief Executive after the departure of Applegarth was Andy Kuipers, who joined the company in 1987, and later left on 31 August 2008. By January 2008, Northern Rock's loan from the Bank of England had grown to £26bn. On 11 January, Northern Rock announced that it had sold its portfolio of lifetime home equity release mortgages to JP Morgan for £2.2bn