Nationalisation of Northern Rock that Northern Rock was to be nationalised claiming that the private bids did not offer "sufficient value for money to the taxpayer" and thus the bank was to be brought under a "temporary period of public ownership". The government is the sole shareholder through UK Financial Investments Limited, and the Bank is managed at "arm's length" on a commercial basis by an independent board under Ron Sandler. Customers are not affected by this change. A Government-appointed arbitration panel will decide on a fair price for the compensation to be offered to investors for their shares. Prior to the markets opening
Government of the Northern Cape Government of the Northern Cape The Northern Cape province of South Africa is governed in a parliamentary system in which the people elect the provincial legislature and the legislature, in turn, elects the Premier as head of the executive. The Premier leads an Executive Council consisting of members who oversee various executive departments. The structure of the provincial government is defined by chapter six of the Constitution of South Africa. The Northern Cape Provincial Legislature, situated in Kimberley, is the legislative branch of the provincial government. It is a unicameral legislature of 30 members, elected by a system of party-list