Nationalisation of Northern Rock book over 3 years; this would be achieved by Lloyds TSB offering new mortgages to Northern Rock customers who are nearing the end of their fixed-rate deals. It was confirmed on 20 May 2008 that Northern Rock would continue to sponsor both Newcastle United and the Newcastle Falcons, the former due to the long-term agreement between them and the club. Chief Executive Ron Sandler was quoted as saying: "We have already ended a number of sponsorships that I inherited... but we have chosen to continue the sponsorship of Newcastle United and Newcastle Falcons, partly because of commitments we have entered
Nationalisation of Northern Rock King revealed that they had anticipated emergency funding to be in the £20–30bn range. Matt Ridley was forced to resign as chairman in 2007, having been blamed in parliamentary committee hearings for not recognising the risks of the bank's financial strategy and thereby "harming the reputation of the British banking industry". John Devaney and Simon Laffin joined the board in November 2007, when Sir Derek Wanless, Nichola Pease, Adam Fenwick and Rosemary Radcliffe retired as Non-Executive Directors. The Chief Executive Adam Applegarth stayed on in a caretaker role until December 2007. David Baker and Keith Currie left the board, but