The bank has also seen an increase in the number of mortgages three or more months in arrear; in the April – June 2009 interval, the latter accounted for 3.92 percent of all Northern Rock mortgages, compared to 3.67 percent for the three-month period ending on 30 March 2009. Northern Rock’s provisions for bad loans were in excess of 1 billion pounds, while writedowns almost tripled from GBP 191.6 the previous year to GBP 602 million in H1 2009.
The bank’s debt to the British government is currently worth an estimated GBP 10.9 billion.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now