Nationalisation of Northern Rock in financial services. The OFT concluded that "public support for Northern Rock did not, during that period, have a significantly adverse impact on competition." In February 2008, Ron Sandler was appointed Executive Chairman by the government. Bryan Sanderson, Sir Ian Gibson, David Jones and Paul Thompson resigned from the board at this time. Gary Hoffman became Chief Executive of Northern Rock in October 2008. He has previously been the vice chairman of Barclays and a former Managing Director of Barclaycard. With the appointment of Gary Hoffman, Ron Sandler changed to a Non-Executive Chairman position. On 4 November 2010 Hoffman left
Nationalisation of Northern Rock vast improvement on the previous year's losses of £1.36 billion. Due to the year's performance staff were awarded a total of £13.4 million in bonuses. Chief Executive Gary Hoffman waived his bonus payout of £700,000. As a part of the restructuring the Guernsey business was shut down on 2 September 2010. Customers of the Guernsey business were given three months notice. The €650 million worth of Irish deposits were sold to Permanent TSB in 2011. On 23 July 2012 it was announced that Virgin would be acquiring £465 million worth of mortgage assets from Northern Rock (Asset Management) plc. In