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17/11/2011
Northern Rock Bought By Virgin
Richard Branson's Virgin investment company is to purchase the formerly troubled Northern Rock bank, according to a Government announcement on Thursday.
The bank was one of the first to be bailed out by a western Government in 2008, being nationalised by former Prime Minister Gordon Brown before imminent collapse at the beginning of the global credit crisis.
The government said the bank is being sold to Virgin Money for £747m. The bank is split into two; the Northern Rock plc, and Northern Rock (Asset Management). The latter half was used to take on the bank's bad debt, while Richard Branson's company is purchasing the former.
Virgin said there would be no additional compulsory redundancies for at least three years.
The decision to proceed with a sale was based on advice from UK Financial Investments (UKFI) and their independent advisers.
HM Treasury said the sale would not affect current customers of Northern Rock, who will carry on their banking as usual. They do not need to take any action and can continue to operate their accounts and contact Northern Rock as they do now. There are no changes to their terms and conditions either.
The Chancellor of the Exchequer, the Rt Hon George Osborne MP said: "The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks. It represents value for money; will increase choice on the high street for customers; and safeguards jobs in the North East.”
The news comes coincidentally a day after The Guardian's report on Richard Branson's new commitment to taking on ex-offenders.
The report said that billionaire Branson had been suggesting to the managing directors of hundreds of Virgin companies that they take on ex-offenders as new staff and to stop the practice of automatic disqualification from the application process over a criminal record.
Speaking to the Guardian, Mr Branson said: "I think that people at Virgin appreciate the fact that we are an understanding company."
(DW)
The bank was one of the first to be bailed out by a western Government in 2008, being nationalised by former Prime Minister Gordon Brown before imminent collapse at the beginning of the global credit crisis.
The government said the bank is being sold to Virgin Money for £747m. The bank is split into two; the Northern Rock plc, and Northern Rock (Asset Management). The latter half was used to take on the bank's bad debt, while Richard Branson's company is purchasing the former.
Virgin said there would be no additional compulsory redundancies for at least three years.
The decision to proceed with a sale was based on advice from UK Financial Investments (UKFI) and their independent advisers.
HM Treasury said the sale would not affect current customers of Northern Rock, who will carry on their banking as usual. They do not need to take any action and can continue to operate their accounts and contact Northern Rock as they do now. There are no changes to their terms and conditions either.
The Chancellor of the Exchequer, the Rt Hon George Osborne MP said: "The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks. It represents value for money; will increase choice on the high street for customers; and safeguards jobs in the North East.”
The news comes coincidentally a day after The Guardian's report on Richard Branson's new commitment to taking on ex-offenders.
The report said that billionaire Branson had been suggesting to the managing directors of hundreds of Virgin companies that they take on ex-offenders as new staff and to stop the practice of automatic disqualification from the application process over a criminal record.
Speaking to the Guardian, Mr Branson said: "I think that people at Virgin appreciate the fact that we are an understanding company."
(DW)
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04 August 2009
Northern Rock Rocked By Losses
A nationalised bank funded by huge amounts of taxpayers' money has reported a loss of £724.2m for the first six months of 2009. Northern Rock's losses accelerated when compared with a loss of £585.4m in the first half of last year. In stark contrast to the news yesterday that Barclay's pre-tax profits for the first six months of 2009 topped £2.
Northern Rock Rocked By Losses
A nationalised bank funded by huge amounts of taxpayers' money has reported a loss of £724.2m for the first six months of 2009. Northern Rock's losses accelerated when compared with a loss of £585.4m in the first half of last year. In stark contrast to the news yesterday that Barclay's pre-tax profits for the first six months of 2009 topped £2.
08 November 2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
05 November 2020
Virgin Media Switches On NI's Fastest Gigabit Home Broadband
Virgin Media has switched on Northern Ireland's fastest gigabit home broadband, offering connectivity more than 18 times faster than the national average. The operator's entire network of nearly 400,000 homes across the region can now benefit from Virgin Media’s next-generation Gig1 broadband which offers average download speeds of 1,140Mbps.
Virgin Media Switches On NI's Fastest Gigabit Home Broadband
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27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
20 December 2010
Northern Bank 'Sets Scene' For Lyric
The Lyric Theatre has announced a major funding boost as details of a five-year partnership with Northern Bank were revealed at an exclusive behind-the-scenes visit to the new theatre. Building work is nearing completion and the Lyric will reopen its doors on Sunday 1 May 2011 with a gala performance on the newly named Northern Bank Stage.
Northern Bank 'Sets Scene' For Lyric
The Lyric Theatre has announced a major funding boost as details of a five-year partnership with Northern Bank were revealed at an exclusive behind-the-scenes visit to the new theatre. Building work is nearing completion and the Lyric will reopen its doors on Sunday 1 May 2011 with a gala performance on the newly named Northern Bank Stage.
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