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 chief executive David Baker £504,000 for misreporting mortgage arrears data and former credit director Richard Barclay was fined £140,000 for failing to ensure accurate financial information. In April finance director David Jones quit the bank after reports that the FSA were to further investigate the activities at the bank prior to the nationalisation. In July Jones was fined and banned by the FSA. It has subsequently become known that the best book of Northern Rock's mortgage business, comprising mortgages worth £47 billion – some 40% of the company's assets – had been transferred to a Channel Islands based company called