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 loan that stood at £26.9 billion at the end of 2007. On 21 October Standard & Poor's Ratings Services revised their outlook on Northern Rock to stable from positive; they also affirmed the bank's long and short-term 'A/A-1' counterparty credit ratings. The Press Association noted on 22 October that Northern Rock may give their employees bonuses in the future, if certain targets in paying back the Government loan are met. On 21 January 2009 it was revealed that the bank's employees would receive a 10% bonus, due to the bank meeting its targets for repaying the Government loan. This caused