Nationalisation of Northern Rock book over 3 years; this would be achieved by Lloyds TSB offering new mortgages to Northern Rock customers who are nearing the end of their fixed-rate deals. It was confirmed on 20 May 2008 that Northern Rock would continue to sponsor both Newcastle United and the Newcastle Falcons, the former due to the long-term agreement between them and the club. Chief Executive Ron Sandler was quoted as saying: "We have already ended a number of sponsorships that I inherited... but we have chosen to continue the sponsorship of Newcastle United and Newcastle Falcons, partly because of commitments we have entered
Northern Rock to the credit crisis the company had focused on developing its own staff and most appointments including the Chief Executive, were made internally. At the time of the 2007 financial crisis Matt Ridley was the Chairman and Adam Applegarth was the Chief Executive. Ridley resigned in October 2007 and Applegarth resigned in November 2007, although the latter stayed on in a caretaker role until December 2007. The Chief Financial Officer was Andy Kuipers, who joined the company in 1987. After Applegarth's departure, Kuipers became the interim Chief Executive prior to the nationalisation before retiring on 31 August 2008. In February