Nationalisation of Northern Rock in the event that the takeover bids fail. On 12 January 2008, the Treasury recruited Ron Sandler, the former Lloyd's of London Chief Executive, to lead Northern Rock, in the event that the bank was nationalised. If the Bank was to be temporarily nationalised, the government would manage the Bank at "arm's length" on a commercial basis, where services for savers and borrowers would not be affected and the company would continue to operate as normal. However nationalisation would also address the future of the Northern Rock Foundation. Alistair Darling rejected the possibility of the Bank being put into administration.
Letts Executive Letts Executive The Letts Executive was the executive of Majority Leader of the Northern Territory Goff Letts, who led the Northern Territory from the implementation of the Northern Territory Legislative Assembly in 1974 until his defeat in his own seat at the 1977 election. It was the first ministry to come from the Legislative Assembly. He was the only head of government of the Northern Territory not to assume the title of Chief Minister of the Northern Territory, as self-government was not granted until 1978. His governments did not have anywhere near the range of powers available to Territory governments