Nationalisation of Northern Rock in financial services. The OFT concluded that "public support for Northern Rock did not, during that period, have a significantly adverse impact on competition." In February 2008, Ron Sandler was appointed Executive Chairman by the government. Bryan Sanderson, Sir Ian Gibson, David Jones and Paul Thompson resigned from the board at this time. Gary Hoffman became Chief Executive of Northern Rock in October 2008. He has previously been the vice chairman of Barclays and a former Managing Director of Barclaycard. With the appointment of Gary Hoffman, Ron Sandler changed to a Non-Executive Chairman position. On 4 November 2010 Hoffman left
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