Northern Rock GBP1.4bn Loss
Published / Last Updated on 02/03/2009
Northern Rock £1.4bn Loss
State owned Bank, Northern Rock, has released figures confirming a loss in 2008 of £1.4bn.
It suggests in its accounts that it is making ‘steady progress’ by making ‘responsible’ lending decisions and reconfirmed, already announced last week by Chancellor Alastair Darling, that it will recommence new mortgage lending in 2009 with a £14bn war chest.
Northern Rock also confirmed that repossessions were up more than 60% in 2008, clearly demonstrating the poorer quality mortgage lending it has conducted in the past.
The bank also said it was ahead of its loan repayment target having cut the amount owed to the Government to £8.9bn from £26.9bn.
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