Nationalisation of Northern Rock mortgage products, but the other company, "Northern Rock (Asset Management) plc", will not. The subsidiary in Guernsey, Northern Rock (Guernsey) Limited, and all Irish accounts are owned by the new Northern Rock plc. After the split there are two boards of directors; Ron Sandler is the Chairman of the new Northern Rock plc and Richard Pym is Chairman of the Asset Management company. Gary Hoffman is Chief Executive of both companies. On 10 March 2010 Northern Rock (Asset Management) plc announced that for the year 2009 the company made a better than expected loss of £257.4 million; this was a
Nationalisation of Northern Rock but name, Northern Rock is now nationalised". The addition of this borrowing to the Government's totals increases the National Debt from £537 billion, or 37.7% of GDP to around 45%, breaking the so-called Golden Rule which sets the Public Sector Borrowing Requirement threshold at below 40%. The figure is the equivalent of £3,000 additional borrowing for every family in Britain. In the 2008 Budget, the Chancellor of the Exchequer announced that the government would issue £14 billion of gilts in order to cover the Northern Rock debt. On 26 March the Financial Services Authority released an internal report into the