Nationalisation of Northern Rock mortgage products, but the other company, "Northern Rock (Asset Management) plc", will not. The subsidiary in Guernsey, Northern Rock (Guernsey) Limited, and all Irish accounts are owned by the new Northern Rock plc. After the split there are two boards of directors; Ron Sandler is the Chairman of the new Northern Rock plc and Richard Pym is Chairman of the Asset Management company. Gary Hoffman is Chief Executive of both companies. On 10 March 2010 Northern Rock (Asset Management) plc announced that for the year 2009 the company made a better than expected loss of £257.4 million; this was a
Nationalisation of Northern Rock chief executive David Baker £504,000 for misreporting mortgage arrears data and former credit director Richard Barclay was fined £140,000 for failing to ensure accurate financial information. In April finance director David Jones quit the bank after reports that the FSA were to further investigate the activities at the bank prior to the nationalisation. In July Jones was fined and banned by the FSA. It has subsequently become known that the best book of Northern Rock's mortgage business, comprising mortgages worth £47 billion – some 40% of the company's assets – had been transferred to a Channel Islands based company called