Menu
22/02/2008
Parliament Approves Northern Rock Nationalisation
Parliament passed legislation on Thursday that will allow the government to make Northern Rock PLC, the first sizable British bank to be nationalised in 25 years.
On Thursday night, the House of Commons approved the nationalisation legislation by a margin of 126 votes. The bill then went back to the House of Lords, where its legislators first rejected three provisions of the bill. They later dropped their opposition without a vote.
The Liberal Democrats and Conservatives had argued over the last three days that Northern Rock's offshore special purpose vehicle Granite might be used to siphon off assets from Northern Rock.
Chancellor Alistair Darling has insisted that it is up to the new management team at Northern Rock and that it should have no impact on tax payers if they decided to wind it down.
The government must now obtain an order which transfers the bank to public ownership, powers which were awarded by the bill. An order which deals with compensation to the bank's shareholders will then follow.
(CD)
On Thursday night, the House of Commons approved the nationalisation legislation by a margin of 126 votes. The bill then went back to the House of Lords, where its legislators first rejected three provisions of the bill. They later dropped their opposition without a vote.
The Liberal Democrats and Conservatives had argued over the last three days that Northern Rock's offshore special purpose vehicle Granite might be used to siphon off assets from Northern Rock.
Chancellor Alistair Darling has insisted that it is up to the new management team at Northern Rock and that it should have no impact on tax payers if they decided to wind it down.
The government must now obtain an order which transfers the bank to public ownership, powers which were awarded by the bill. An order which deals with compensation to the bank's shareholders will then follow.
(CD)
Related UK National News Stories
Click here for the latest headlines.
13 February 2009
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
15 January 2008
Northern Rock Shareholders' Proposals Defeated
An Extraordinary General Meeting with the Northern Rock board and shareholders at the Metro Radio Arena in Newcastle today has seen all but one of the proposals put forward by two shareholders defeated.
Northern Rock Shareholders' Proposals Defeated
An Extraordinary General Meeting with the Northern Rock board and shareholders at the Metro Radio Arena in Newcastle today has seen all but one of the proposals put forward by two shareholders defeated.
03 August 2010
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
18 May 2012
Northern Rock Rescue "Could Cost Taxpayer £2bn"
The National Audit Office (NAO) has estimated that taxpayers could lose almost £2bn once the assets of collapsed bank Northern Rock are wound down. The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
Northern Rock Rescue "Could Cost Taxpayer £2bn"
The National Audit Office (NAO) has estimated that taxpayers could lose almost £2bn once the assets of collapsed bank Northern Rock are wound down. The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
18 November 2011
Northern Rock Sale 'Poor Judgement' – Labour
Labour's Shadow Minister for the Treasury has said the sale of Northern Rock on Thursday by the Government was a 'poor judgement'. Richard Branson's Virgin investment company announced it was to purchase the almost disastrous Northern Rock bank on Thursday, while it has since emerged the sale will be at a loss for the taxpayer.
Northern Rock Sale 'Poor Judgement' – Labour
Labour's Shadow Minister for the Treasury has said the sale of Northern Rock on Thursday by the Government was a 'poor judgement'. Richard Branson's Virgin investment company announced it was to purchase the almost disastrous Northern Rock bank on Thursday, while it has since emerged the sale will be at a loss for the taxpayer.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
