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18/03/2008
Northern Rock Jobs Under Threat
Troubled bank Northern Rock has said that it will cut around 2,000 jobs.
The cuts have been anticipated as part of the chairman Ron Sandler's restructuring plans for the nationalised mortgage lender.
Northern Rock currently owes the Bank of England about £25 billion after it bailed out the company last year.
The cuts, which account for up to a third of staff, will be made by 2011.
The Unite Union has said it will oppose plans for compulsory redundancies at Northern Rock.
Graham Goddard, Unite Deputy General Secretary said: "The union will be working to mitigate the implication of the recent crisis to employees, who have been working tirelessly to ensure there is a sustainable business in the future."
Chancellor Alistair Darling gave formal notification to the European Commission of plans to continue funding support to the ailing bank on Monday.
The commission is expected to approved the funding as long as Northern Rock eventually becomes less dependent on state subsidy.
The bank’s current action plan is to encourage savers to boost its deposit base and offer high mortgage rates to deter homeowners.
(DS)
The cuts have been anticipated as part of the chairman Ron Sandler's restructuring plans for the nationalised mortgage lender.
Northern Rock currently owes the Bank of England about £25 billion after it bailed out the company last year.
The cuts, which account for up to a third of staff, will be made by 2011.
The Unite Union has said it will oppose plans for compulsory redundancies at Northern Rock.
Graham Goddard, Unite Deputy General Secretary said: "The union will be working to mitigate the implication of the recent crisis to employees, who have been working tirelessly to ensure there is a sustainable business in the future."
Chancellor Alistair Darling gave formal notification to the European Commission of plans to continue funding support to the ailing bank on Monday.
The commission is expected to approved the funding as long as Northern Rock eventually becomes less dependent on state subsidy.
The bank’s current action plan is to encourage savers to boost its deposit base and offer high mortgage rates to deter homeowners.
(DS)
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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 February 2008
'Risk' To Northern Rock Rescue Plans
The new Executive Chairman of Northern Rock has warned that the plans to save the beleagured bank are 'not without risks'.
'Risk' To Northern Rock Rescue Plans
The new Executive Chairman of Northern Rock has warned that the plans to save the beleagured bank are 'not without risks'.
05 August 2008
Northern Rock To Get £3 Billion Cash Injection
In its first results as a nationalised bank, Northern Rock has announced first half year pre-tax losses of £585 million. However, the bank has also announced that net borrowings provided by the Bank of England have reduced by £9.4bn to £17.5bn from £26.9bn at the end of December 2007, representing a 35% reduction.
Northern Rock To Get £3 Billion Cash Injection
In its first results as a nationalised bank, Northern Rock has announced first half year pre-tax losses of £585 million. However, the bank has also announced that net borrowings provided by the Bank of England have reduced by £9.4bn to £17.5bn from £26.9bn at the end of December 2007, representing a 35% reduction.
14 September 2007
Northern Rock Applies For BoE Funding
One of the UK's largest mortgage lenders, Northern Rock, has applied for emergency funding from the Bank of England. The mortgage lender turned to the BoE as the "lender of last resort" after it struggled to raise money to fund its lending from commercial markets.
Northern Rock Applies For BoE Funding
One of the UK's largest mortgage lenders, Northern Rock, has applied for emergency funding from the Bank of England. The mortgage lender turned to the BoE as the "lender of last resort" after it struggled to raise money to fund its lending from commercial markets.
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.
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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.
