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
Nationalisation of Northern Rock buyers. Alistair Darling has stated that he is in no hurry to return the bank back to the private sector. In January 2010 National Australia Bank were widely reported to have lined up potential advisers on the deal to buy the Northern Rock. NAB already own two brands in the UK, Clydesdale and Yorkshire banks. Also in January 2010 Virgin purchased a small bank, the Church House Trust, but according to "the Times" and other sources Virgin still had an interest in Northern Rock and had been contacting companies such as Blackstone. In July 2010 it was reported that a