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31/03/2008
Rocketing Sum For Applegarth
Northern Rock boss, Adam Applegarth will receive a £760,000 pay-off, the ailing bank has announced today.
Mr Applegarth, who stepped down as chief executive in December, could receive a generous £63,333 a month for up to a year under his severance deal.
The former boss who ran the bank for six years, refused to take responsibility for the lenders defective strategy, which saw a loss of £167.6 million in 2007, compared to a £626.7 million profit in 2006.
Details of the pay-off will be in the bank's annual report and accounts, expected to be released later today, which will include details of an additional staff discount on £75,000 of his mortgage until November.
The pay-off is much larger than anticipated, at the time of the banks collapse, insiders said that he would receive less than six months' pay.
Northern Rock has promised to repay the £24 billion it borrowed from the Bank of England by 2010.
Ron Sandler, an insurance industry executive appointed by the Treasury to chair Northern Rock, is set to outline plans to boost deposit-based funding from 20-30 per cent to 50 per cent.
(DS/JM)
Mr Applegarth, who stepped down as chief executive in December, could receive a generous £63,333 a month for up to a year under his severance deal.
The former boss who ran the bank for six years, refused to take responsibility for the lenders defective strategy, which saw a loss of £167.6 million in 2007, compared to a £626.7 million profit in 2006.
Details of the pay-off will be in the bank's annual report and accounts, expected to be released later today, which will include details of an additional staff discount on £75,000 of his mortgage until November.
The pay-off is much larger than anticipated, at the time of the banks collapse, insiders said that he would receive less than six months' pay.
Northern Rock has promised to repay the £24 billion it borrowed from the Bank of England by 2010.
Ron Sandler, an insurance industry executive appointed by the Treasury to chair Northern Rock, is set to outline plans to boost deposit-based funding from 20-30 per cent to 50 per cent.
(DS/JM)
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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'.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
07 November 2013
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
22 January 2013
Live Nation Awarded Olympic Park Contract
Live Nation, one of the world’s largest concert promoters, has been awarded the contract to take over the Olympic Park. The firm will host a series of concerts and festivals at the site this summer, with the Wireless Festival and Hard Rock Calling – which were previously held in London's Hyde Park – being the first events confirmed for the venue.
Live Nation Awarded Olympic Park Contract
Live Nation, one of the world’s largest concert promoters, has been awarded the contract to take over the Olympic Park. The firm will host a series of concerts and festivals at the site this summer, with the Wireless Festival and Hard Rock Calling – which were previously held in London's Hyde Park – being the first events confirmed for the venue.
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.
