UK 'bad' bank boss takes 5% pay cut
UK Asset Resolution, which oversees Bradford & Bingley and the rump of Northern Rock, says chairman Richard Pym has offered to reduce his feesRichard Pym, chairman of the operation that oversees...
View ArticleCo-op Bank: it's time to go back to the mutuals
Demutualisation was a disaster. Only two of the former societies – Woolwich and A&L – have not required a taxpayer handoutDemutualisation. It didn't work, really, did it? Take the Cheltenham &...
View ArticleTaxpayer gets extra £538m as Virgin buys more Northern Rock mortgages
Company buys mortgages with low loan-to-value ratios, whose holders are not in arrearsTaxpayers are being handed an extra £538m from Virgin Money after Sir Richard Branson's money empire bought up...
View ArticleUKAR makes £529m pre-tax profits and repays taxpayers £1.3bn
Bank bringing together Northern Rock and Bradford & Bingley is repaying a further £42.1bn as customers pay back mortgagesThe "bad bank" carved out of Northern Rock and Bradford & Bingley repaid...
View ArticleGovernment-owned bad bank UK Asset Resolution repays £8bn of funding
UKAR – which united parts of Northern Rock and Bradford & Bingley – channels payments made by mortgage customersThe government-owned "bad bank" that unites the nationalised parts of Northern Rock...
View ArticleFormer Bradford & Bingley finance director fined £30,000 by the FCA
Chris Willford failed to tell the board ahead of a £400m rights issue that the bank was likely to miss profit expectationsThe former finance director of Bradford & Bingley has been fined £30,000...
View ArticleFinancial offenders must be named if bank reforms are going to work
The shocking tale of Lloyds' mis-selling culture ended with a deserved £28m fine. But not one person was singled out for blame. As Iceland shows, that's got to changeSpare a thought for Chris Willford....
View ArticleGovernment-owned 'bad bank' UKAR issues mortgage arrears warning
Interest rate rise to 1.5% would hit 22,000 customers, says body managing mortgage books of Northern Rock and Bradford & BingleyMore than 20,000 mortgage customers at the government's "bad bank"...
View ArticleFormer Bradford & Bingley FD fined again over botched rights issue
Chris Willford failed to tell his fellow board members of the bank's worsening finances in time for the 2008 rights issueThe accountancy watchdog has fined the former finance director of Bradford &...
View ArticleJP Morgan leads purchase of £2.7bn mortgage bundle from UK banks
27,000 customers of Northern Rock and Bradford & Bingley will have their mortgages transferred acrossSome 27,000 customers of banks that were nationalised during the 2008 banking crisis have had...
View ArticleGovernment-owned ‘bad bank’ UKAR pays back another £1.6bn
Cash used to repay £48.7bn loan for looking after nationalised Northern Rock and Bradford & Bingley mortgages in 2008The “bad bank” which houses the remnants of Northern Rock and Bradford &...
View ArticleDiary of a shambles: Bank of England’s struggle with financial crisis
Minutes show that Bank’s court failed to challenge officials’ thinking over how to handle system during crisisLord King called it “fun” being governor of the Bank of England during the financial...
View ArticleSantander prepares for £45m compensation payout
UK arm of Spanish bank includes amount in list of provisions, following its fine for giving unsuitable investment advice to customersSantander’s UK banking arm has signalled that it is preparing to...
View ArticleBanks hit hardest in revenue-raising budget
But business leaders welcome measures to help oil and gas industries and further cuts to corporation taxBanks bore the brunt of George Osborne’s revenue-raising initiatives in a budget that was...
View ArticleNorthern Rock mortgages worth £13bn sold to US private equity firm
UK Asset Resolution deal with Cerberus Capital Management is the largest financial asset sale by a European governmentThe government has agreed to sell a £13bn collection of former Northern Rock...
View ArticleGovernment preparing to sell £17bn of Bradford & Bingley mortgages
Thousands of customers could be affected by move eight years after B&B was rescued by taxpayers during 2008 banking crisisThousands of customers of Bradford & Bingley face the prospect of...
View ArticleBank bailout v Tata bailout – how the costs compare
It is less than a decade since the UK spent billions of pounds bailing out the banks. So how much would it cost to bailout Tata Steel?Government ministers are meeting to try to tackle the British steel...
View ArticleUK Asset Resolution deal triggers bonuses for 2,000 employees
Outgoing boss Richard Banks will benefit to the tune of £211,750 after agreement to sell off mortgage processing operationA deal to outsource mortgage processing at the government-owned Northern Rock...
View ArticleThe Co-op Bank is the new Bradford & Bingley
The proposed sale means the prospect of an independent, ethically based challenger bank to the major high street player is deadCo-op Bank, now that it has announced its sale, is going the way of the...
View ArticleGovernment raises £11.8bn with Bradford & Bingley mortgage sale
Philip Hammond says sale of loans bought by the taxpayer during the financial crisis represents value for moneyThe chancellor has triggered the sale of an £11.8bn package of Bradford & Bingley...
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