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 Granite, together with an ongoing obligation to continue to supply business. Failure to maintain the arrangement could cost a reported £5 billion. As is common practice in bank securitisations, Granite was set up as a charitable trust with any residue on winding-up to benefit a small charity, Down's Syndrome North East. Despite having assets worth an estimated £45 billion, Granite has never made a donation to the charity, because it remains in business. In late 2008, Northern Rock, advised by Credit Suisse, decided to let Granite go into run-off, meaning that Northern Rock the bank will no longer supply it