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 maturities set inline with the repayment. Proceeds from the bond issue would have also gone to the Government and the bank would have paid for a government guarantee for the bonds to trade in the market at or near prices of similar gilt-edged stocks. This would have replaced the original plan for the bidders to have to find their own investors to cover the first £15bn, which proved impossible, due to the credit crunch. The government would also continue to guarantee the Bank's liabilities, such as savers' deposits. On 17 February 2008, Alistair Darling, the Chancellor of the Exchequer, announced