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UKAR pays back government bailout money

UK Asset Resolution has sold two mortgage portfolios to Citi, meaning that the taxpayer-funded loan of nearly £50bn extended to help ease the impact of the financial crisis will soon be repaid to the treasury.

UKAR was formed nearly a decade ago to hold loans extended by Northern Rock and Bradford & Bingley, which were both nationalised as the financial crisis took hold.

It has been selling bundles of mortgage loans to private equity buyers since, with the last two packages going for £4.9bn.

The holding company says that there will be no changes to the terms and conditions of these latest to be sold, totalling around 66,000 owner-occupier loans, and that borrowers’ ability to remortgage will not be affected.

UKAR chief executive Ian Hares comments: “This is a significant step in the reduction and simplification of our balance sheet.

“We are now focussed on releasing the government from its remaining investment in NRAM and Bradford & Bingley plc.”


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TSB considers purchase of £1.5bn UKAR loan book

TSB Banking Group is considering the purchase of a portfolio of performing residential loans valued at around £1.5bn from Government-owned UK Asset Resolution. According to Sky News, the lender is interested in purchasing the portfolio from UKAR, a taxpayer-backed entity set up in 2010 to handle the closed mortgage books of Government-owned lenders, after the […]

UKAR chief earns £815,000 salary

The chief executive of UK Asset Resolution, the organisation running down the loan books of failed banks Northern Rock and Bradford & Bingley, was paid £815,000 last year. UKAR chief executive Richard Banks is one of Britain’s highest-paid Government employees, earning more than five times the Prime Minister’s salary. He got a 27 per cent […]


UKAR repays £10.4bn to Govt since its formation

UK Asset Resolution, the ‘bad bank’ set up to wind down failed lenders Northern Rock and Bradford & Bingley, has repaid £10.4bn in Government loans since it was formed in October 2010. This equates to over a fifth of the £48.7bn Government loan, including £5.1bn repaid in the 15 months to 31 March 2014. UKAR […]


Scottish landlords enjoy boost to rental yields: Your Move

Rental yields in Scotland reached 4.7 per cent in April as many regions saw growth in monthly rents, according to Your Move. The estate agency group found that across Scotland the average rents increased by 1.7 per cent to £581 per month in the year to April. Its research shows that rents increased in three […]

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Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


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