Nationalisation of Northern Rock book over 3 years; this would be achieved by Lloyds TSB offering new mortgages to Northern Rock customers who are nearing the end of their fixed-rate deals. It was confirmed on 20 May 2008 that Northern Rock would continue to sponsor both Newcastle United and the Newcastle Falcons, the former due to the long-term agreement between them and the club. Chief Executive Ron Sandler was quoted as saying: "We have already ended a number of sponsorships that I inherited... but we have chosen to continue the sponsorship of Newcastle United and Newcastle Falcons, partly because of commitments we have entered
Nationalisation of Northern Rock renamed it Partnership House. Prior to Nationalisation, the company donated substantial amounts annually to its own charity, the "Northern Rock Foundation". Nationalisation ended the covenant requiring Northern Rock to remit a share of profits to the Foundation. Instead, for the next three years the Foundation will receive an annual £15 million payment from Northern Rock, whether it remains publicly owned or returns to the private sector. The Foundation's shares were cancelled and compensated in the same way as those of other shareholders. Two hedge funds that owned 20% of the bank, SRM Global and RAB Capital, took legal action against