UK confirms guarantees for Northern Rock
The UK Treasury has confirmed it will continue to guarantee Northern Rock’s liabilities after the government-owned lender was restructured on January 1, 2009.
The restructuring follows good bank/bad bank lines: the new Northern Rock will take over the retail and wholesale deposits, and the dormant mortgage business, while the existing mortgage book and the residual Granite securitisations will be managed by the relict institution, renamed Northern Rock Asset Management (NRAM).
Retail deposits at
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