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
Nationalisation of Northern Rock some unrest from a number of media outlets and the Liberal Democrats' Vince Cable for example, but the decision to issue the bonus was defended by the Unite union, calling it a reward for their hard work and dedication. On 3 March 2009 Northern Rock noted that only £8.9 billion of the loan remained unpaid. On 1 October 2010 the bank announced that another £700 million had been paid off of the loan in the last three months. At the end of July 2008 Northern Rock announced the first set of redundancies; 800 staff were made compulsorily redundant and a