Nationalisation of Northern Rock mortgage products, but the other company, "Northern Rock (Asset Management) plc", will not. The subsidiary in Guernsey, Northern Rock (Guernsey) Limited, and all Irish accounts are owned by the new Northern Rock plc. After the split there are two boards of directors; Ron Sandler is the Chairman of the new Northern Rock plc and Richard Pym is Chairman of the Asset Management company. Gary Hoffman is Chief Executive of both companies. On 10 March 2010 Northern Rock (Asset Management) plc announced that for the year 2009 the company made a better than expected loss of £257.4 million; this was a
Nationalisation of Northern Rock 40% from 438 pence to 263 pence. Later that day, the Chancellor of the Exchequer, Alistair Darling, announced that the British Government and the Bank of England would guarantee all deposits held at Northern Rock. Northern Rock shares rose by 16% after this was announced. The announcement by the Chancellor showed its intended effects the next day, as the queues outside Northern Rock's branches gradually disappeared. In addition, Northern Rock had a series of advertisements published in major UK newspapers to reaffirm that their customers' money was safe. In an interview on BBC Radio 4, Bank of England governor Mervyn