Granite (Northern Rock vehicle)
The purpose of Granite is to parcel up the mortgages provided by the bank and sell the value to investors. In 2008 Granite had a value of around £45 billion.
Northern Rock, advised by Credit Suisse, have decided to let Granite go into run-off, meaning that Northern Rock the bank will no longer supply it with fresh mortgages and bondholders will be repaid as old mortgages expire.
- Aldrick, Philip; Griffiths, Katherine (2008-02-20). "The state of Northern Rock: anything but usual". London: The Daily Telegraph. Retrieved 2008-02-22.
- "Northern Rock calls it a day on Granite vehicle". The Financial Times. 2008-11-21. Retrieved 2008-11-22.
- "Government guarantee arrangements for Northern Rock plc" (PDF). HM Treasury. 2009-12-08. Retrieved 2009-12-09.
- Securitisation at NRAM
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