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
Administrator of the government therefore been pleased to direct that no action shall be taken upon it". Under the 1965 draft constitution, if the queen did not appoint a governor-general within fourteen days of advice being tendered by the prime minister, a regent was to be appointed. In deference to the Royal Family, however, on 16 December, Smith amended his original plan to appoint a Regent and Dupont was appointed as "officer administering the government". Consequently, legislation passed after UDI was "enacted by His Excellency the Officer Administering the Government, as the representative of the Queen's Most Excellent Majesty, by and with the advice