Nationalisation of Northern Rock in the event that the takeover bids fail. On 12 January 2008, the Treasury recruited Ron Sandler, the former Lloyd's of London Chief Executive, to lead Northern Rock, in the event that the bank was nationalised. If the Bank was to be temporarily nationalised, the government would manage the Bank at "arm's length" on a commercial basis, where services for savers and borrowers would not be affected and the company would continue to operate as normal. However nationalisation would also address the future of the Northern Rock Foundation. Alistair Darling rejected the possibility of the Bank being put into administration.
Executive Council of the Isle of Man Executive Council of the Isle of Man The Executive Council is the former title of the Council of Ministers, the principal executive body of the Isle of Man Government. Its chairman was the Lieutenant Governor until 1980, when he was replaced by a Chairman elected by Tynwald. The Chairman was renamed "Chief Minister" in 1986, and the Council was renamed "Council of Ministers" in 1990. The Executive Council was established following the 1949 General Election, "to assist the Lieutenant Governor in the performance of his duties", as successor to an Executive Committee of Tynwald which was set up in 1946.