Nationalisation Of Northern Rock
In 2008 the Northern Rock bank was nationalised by the British Government, due to financial problems caused by the subprime mortgage crisis. In 2010 the bank was split into two parts (assets and banking) to aid the eventual sale of the bank back to the private sector.
On 14 September 2007, the Bank sought and received a liquidity support facility from the Bank of England, following problems in the credit markets, during the current financial crisis. On 22 February 2008 the bank was taken into state ownership. The nationalisation was a result of two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of savers and investors money.
On 17 November 2011 it was announced that Virgin Money were going to buy Northern Rock for £747 million, from UK Financial Investments Limited (UKFI). The deal was finalised on 1 January 2012 and by October of that year the high street bank operated under the Virgin Money brand.
Read more about Nationalisation Of Northern Rock: Nationalisation, Eventual Return To The Private Sector, Sale To Virgin Money, See Also
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