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 was reported that Yorkshire Building Society were interested in Northern Rock. It has also been reported that Nationwide Building Society are not interested in the bank. On 31 March 2011 the Coventry Building Society expressed an interest in remutualising Northern Rock as a part of Coventry. During 2011 the government encouraged another round of bidding for the bank. By the first round deadline on 28 July Virgin Money and JC Flowers put forward their expressions of interest. In late October Virgin Money submitted their 2nd round bid for the bank. The following day NBNK rejoined the bidding process for the