Northern Rock

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The Creation And Sale Of Northern Rock Plc

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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2012-05-18

The Creation And Sale Of Northern Rock Plc written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-18 with Business & Economics categories.

The Treasury's decision in early 2009 to support mortgage lending by splitting Northern Rock in two was reasonable but based on a business plan prepared by Northern Rock management which events quickly showed to have been optimistic. The Treasury went ahead with the split without further detailed analysis. The alternative of selling the deposits and closing down the business was, however, unlikely to have been significantly better. Although targets were not met, lending by Northern Rock plc was over 20% of all mortgage lending during 2010 and 2011. The financial performance of the business was worse than planned, principally owing to the continuation of low interest rates. In 2011, UK Financial Investments (UKFI), a body owned by the Treasury, reviewed a full range of options for the future of Northern Rock plc. The NAO considers that UKFI's recommendation for an early sale was the best way to minimise the losses. The sales process went well and UKFI improved the overall offer from Virgin Money. The NAO expects the taxpayer to lose £480 million of its original £1.4 billion investment in Northern Rock plc. If account is taken of the likely value of Northern Rock assets remaining in public ownership, UKFI expects that the taxpayer will recover all of the cash provided. However there could be a net present cost for the taxpayer of some £2 billion by the time the assets are fully wound down. This net present cost should, however, be seen as part of the overall cost of securing the benefits of financial stability during the financial crisis.

Northern Rock Plc Listing Particulars

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Author :
language : en
Publisher:
Release Date : 1997

Northern Rock Plc Listing Particulars written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Savings and loan associations categories.

Northern Rock Foundation

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Author : Fred Robinson
language : en
Publisher:
Release Date :

Northern Rock Foundation written by Fred Robinson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with Charities categories.

The Crunch

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Author : Alex Brummer
language : en
Publisher: Random House
Release Date : 2008

The Crunch written by Alex Brummer and has been published by Random House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.

ECONOMICS. Alex Brummer traces the course of the recent financial crisis from its origins in the U.S. subprime market to its explosion onto the international scene, and reveals the potentially disastrous path down which we're all being led. Presents a story of greed, mismanagement and dithering in which bankers seeking to make a quick buck, regulators engaged in turf wars and blame-avoidance, and governments paralysed by the sheer scale of the problem all conspired to bring the banking system almost to its knees.

The Failure Of Northern Rock

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Author : Franco Bruni
language : en
Publisher:
Release Date : 2009

The Failure Of Northern Rock written by Franco Bruni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Bank failures categories.

The Northern Rock Art Tradition In Central Norway

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Author : Kalle Sognnes
language : en
Publisher: British Archaeological Reports Oxford Limited
Release Date : 2017

The Northern Rock Art Tradition In Central Norway written by Kalle Sognnes and has been published by British Archaeological Reports Oxford Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Art categories.

This book examines the Northern (Stone Age) rock art of centralNorway, which is dominated by images of marine and terrestrial motifs. Itfocuses on how these images were drawn and are classified, on the topographicallocation of the sites, on their dating and cultural context, and on the relationship between rock art andmaterial culture, and offers possible interpretations.

Financial Regulation In Crisis

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Author : Joanna Gray
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011

Financial Regulation In Crisis written by Joanna Gray and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.

The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalization was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis. This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitization, and how Northern Rock itself created and employed securitized financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis. Chapters focus on risk-based financial regulation, depositor protection, and bank rescue and resolution mechanisms in the UK before and after the Northern Rock crisis. State aid implications of the nationalization of Northern Rock, and the future of financial regulation are also considered. This timely new book will appeal to academics, postgraduate and undergraduate students in law and business schools as well as practitioners, regulators and lawmakers.

United Kingdom

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2008-08-05

United Kingdom written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-05 with Business & Economics categories.

This 2008 Article IV Consultation highlights that the United Kingdom’s economic growth was above trend in 2006 and 2007. In terms of expenditure, the expansion was largely driven by private consumption, on the heels of strong employment, steady real wage and living standards growth, and a surge in immigration. So far in 2008, evidence points to a sharp slowing in activity alongside high inflation. Executive Directors have welcomed the commitment made in the 2008 budget to tighten fiscal policy in the coming two years.

Re Building Society Northern Rock As A Real Abstraction

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Author : David Munaver Bholat
language : en
Publisher:
Release Date : 2012

Re Building Society Northern Rock As A Real Abstraction written by David Munaver Bholat and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

This dissertation presents a case study of the Northern Rock bank, exploring the causes, consequences, and character of its recent crisis. My thesis is that the Northern Rock crisis is rooted in the gap between the economic substance of financial relations and the way empirical experience obscures them. Recent events laid bare this conceptual chasm, in the process making the lived experience of social relations align more closely to their legal form, with traumatic effect. The Northern Rock and financial crises have thus gained saliency because they literally and figuratively violate common sense. My dissertation teases out the tension between empirical experience and the real abstractions concealed beneath them, through an examination of the political debates, lawsuits, and economic externalities such tensions provoke among Northern Rock depositors, employees, equity holders, and North East England community stakeholders.

The Run On The Rock

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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2008-01-26

The Run On The Rock written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-26 with Business & Economics categories.

This Treasury Committee report examines the first run on the retail deposits of a United Kingdom bank since Victorian Times and analyses the causes and the consequences of the run on Northern Rock and what lessons can be learned. The Committee states the following: that the directors of Northern Rock were the principal authors of the difficulties that the company faced since August 2007; that the directors had pursued a reckless business model which was excessively reliant on wholesale funding; that the Financial Services Authority systematically failed in its regulatory duty; that the Chancellor of the Exchequer was right to view Northern Rock as posing a systemic risk to the financial system and to authorise the Bank of England's support. The Committee sets out 83 conclusions and recommendations, including: a series of measures for handling failing banks in an orderly manner to insulate taxpayers and small depositors; that a relevant authority be given power to acquire information relating to individual financial institutions and take action in specified circumstances; also that a special resolution regime should be established for failing banks to enable smooth administration of the bank and that this is combined with arrangements ensuring insured deposits are safe and accessible; that a Deposit Protection Fund be set up, that will ensure easy release of funds under any scheme; that a new post of Deputy Governor of the Bank of England and Head of Financial Stability should be created, with responsibility for handling failing banks and the proposed Deposit Protection Fund.