Nationalisation of Northern Rock in the event that the takeover bids fail. On 12 January 2008, the Treasury recruited Ron Sandler, the former Lloyd's of London Chief Executive, to lead Northern Rock, in the event that the bank was nationalised. If the Bank was to be temporarily nationalised, the government would manage the Bank at "arm's length" on a commercial basis, where services for savers and borrowers would not be affected and the company would continue to operate as normal. However nationalisation would also address the future of the Northern Rock Foundation. Alistair Darling rejected the possibility of the Bank being put into administration.
Nationalisation of Northern Rock million, mainly in relation to the job losses. The report was kept confidential until 2010, and now the bank claims that is On 28 March 2011 the bank announced that it was likely that around 680 more jobs would go during the restructuring prior to the bank's return to private sector. On 18 March, Northern Rock announced the termination of its Danish savings operation. All accounts in the Danish branch were closed on 18 April 2008. On 5 June it was announced that Lloyds TSB, a former bidder for the bank, would assume a proportion of the Northern Rock mortgage