Government announces final disposal of NRAM for a substantial profit

On 26 February the UK Government announced that it had completed the final £5 billion sale of Bradford & Bingley plc and NRAM Limited (formerly Northern Rock) and their remaining loans, acquired by the taxpayer as a result of the financial crisis. See the announcements here and here.

Response by the UK Shareholders’ Association (UKSA) Northern Rock Small Shareholder Action Group (NRSAG):

Dennis Grainger, Chairman of the UKSA Northern Rock Small Shareholders Action Group, said: "We note the Government sale of the Rock assets which were confiscated by the Labour Government in 2008 for no compensation whatsoever.

As anticipated there has been no cost to the taxpayer and a huge profit has been made by Government as we always argued, at the expense of the small shareholders, mainly pensioners in the North-East.

The Northern Rock accounts proved the bank was a profitable going concern worth several billions. The fake zero valuation was unreal and unfair.

Our campaign fight goes on, and we remain very hopeful that Boris Johnson will yet set up an inquiry in the whole handling of the Northern Rock affair leading to a fair compensation for the little people who lost everything whilst the Government cashed in using their property.”