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Rock to cost taxpayers around £2bn

The taxpayer could lose about £2bn once the assets of Northern Rock Asset Management are wound down, the National Audit Office estimates.

After its collapse in 2009 the bank was split into Northern Rock plc – the good bank – and NRAM – the bad bank.

Amyas Morse, head of the NAO, says: “A prompt sale of Northern Rock plc was the best option to minimise losses on the £1.4bn of public money invested in it. But most of the former Northern Rock’s assets will be in public ownership for years and there could be a net cost for the taxpayer of some £2bn.”


Sourcing system to be renamed Avelo Trigold

Avelo is set to rebrand TrigoldCrystal as Avelo Trigold following its acquisition of the mortgage sourcing system last week.Under the deal, TrigoldCrystal’s management team will remain and join the team at Avelo. Paul Yates, strategy and product development director at Avelo, says: “People are used to the Trigold brand so it makes sense to offer […]


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