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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'.
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.
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.
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Northern Ireland WeatherThis Evening and Tonight:Dry with some late sunshine to end the day. Clear spells through the first part of the night but low cloud feeding in from the north later giving some mist or fog patches. Minimum temperature 8 °C.
