UK Asset Resolution

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UK Asset Resolution Limited
Type State-owned limited company
Industry Finance
Founded October 2010 (2010-10)
Headquarters Bingley, West Yorkshire, United Kingdom
Key people Richard Pym, Chairman
Products Financial Services
Owner(s) HM Government
Employees 2,400 (FTE in 2011)
Parent UK Financial Investments
Website www.ukar.co.uk

UK Asset Resolution (UKAR) is a British financial services holding company with headquarters in the West Yorkshire town of Crossflatts (near Bradford & Bingley's former headquarters in Bingley).[1] It was established in October 2010 to hold the two run-off elements, Bradford & Bingley (including the Mortgage Express brand) and Northern Rock (Asset Management) (NRAM), of the two nationalised banks in the wake of the financial crisis of 2007 and 2008.

UKAR manages an asset book in run-off, with the combined entity having a total mortgage book of £62.3bn (as at 30 September 2013[2]), although not selling any new business. In 2011 UKAR repaid £2.15 billion to taxpayers and in 2012 paid a further £4 billion.[3][4]

History[edit]

The 'Northern Rock' buildings in Gosforth, Newcastle upon Tyne which housed some of UKAR's staff.

On 22 June 2012 Virgin Money, owners of the Northern Rock bank, acquired the remainder of the NRAM Gosforth site, and the following month UKAR sold £465 million of mortgages from the NRAM portfolio to Virgin.[5] UKAR left their Gosforth, Newcastle upon Tyne (Northern Rock / Regent Centre) offices in 2013, and moved those remaining staff to Doxford and Bingley.[6]

In August 2013, the bank said it has now returned £6.6 billion to the government. It owed £48.7 billion when it was created in October 2010.[7]

See also[edit]

References[edit]

  1. ^ "UK Asset Resolution Company no. 07301961". Companies House. Retrieved 14 November 2013. 
  2. ^ "Fact Sheet". UKAR. 30 September 2014. Retrieved 4 July 2014. 
  3. ^ "UKAR Preliminary Results Announcement 2011". UK Asset Resolution Ltd. 2012-03-02. Retrieved 2012-05-07. 
  4. ^ "Bradford & Bingley owner repays £4bn to taxpayers". BBC News. 2013-03-25. Retrieved 2013-04-06. 
  5. ^ "Northern Rock sell-off nets extra £538m for taxpayers". BBC News. 2012-07-23. Retrieved 2012-07-23. 
  6. ^ "UK Asset Resolution to close Newcastle office". BBC News. 2011-12-06. Retrieved 2011-12-06. 
  7. ^ Clare Hutchison (6 August 2013). "UK 'bad bank' repays $2.9 billion to taxpayers in first half". Reuters. 

External links[edit]