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
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.