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
Government of Northern Ireland (1921–1972) Government of Northern Ireland (1921–1972) The Executive Committee or the Executive Committee of the Privy Council of Northern Ireland was the government of Northern Ireland created under the "Government of Ireland Act 1920". Generally known as either the "Cabinet" or the "Government", the Executive Committee existed from 1922 to 1972. It exercised executive authority formally vested in the British monarch in relation to devolved matters. Under the Act as originally enacted, the Executive Committee consisted of the ministers appointed by the Lord Lieutenant of Ireland to head departments of state. Ministers so chosen did not have to be members of