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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'.
01 May 2008
Job Cuts Planned At Troubled Bank?
Troubled lender Northern Rock plans to axe 2,000 jobs within three years, it has been reported. The bank has been struggling since last year due to unsettling financial conditions sparked off by the global credit crunch. Long queues formed outside the bank last September as savers tried to withdraw their savings.
Job Cuts Planned At Troubled Bank?
Troubled lender Northern Rock plans to axe 2,000 jobs within three years, it has been reported. The bank has been struggling since last year due to unsettling financial conditions sparked off by the global credit crunch. Long queues formed outside the bank last September as savers tried to withdraw their savings.
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.
18 December 2007
Northern Rock Gets Taxpayer Billions
The Government is bailing out troubled bank, Northern Rock, again. At the request of the lender, it has offered to cover any loss by financial institutions that provide money to Northern Rock so the bank can operate normal banking services.
Northern Rock Gets Taxpayer Billions
The Government is bailing out troubled bank, Northern Rock, again. At the request of the lender, it has offered to cover any loss by financial institutions that provide money to Northern Rock so the bank can operate normal banking services.
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.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
