UKAR update

03 May 2016

As announced on 13 November 2015 UK Asset Resolution limited (UKAR) agreed to sell a £13bn asset portfolio from the legacy book of NRAM (including £12bn of loans within the Granite securitisation vehicle, plus a further £1bn of non-Granite assets) to affiliates of Cerberus Capital Management LP (Cerberus).

On 30 April 2016, assets and liabilities not included in the sale transferred from NRAM plc to a newly established subsidiary of UKAR - NRAM (No.1) Limited and UKAR today confirms that on 5 May 2016 Cerberus will acquire NRAM plc as part of the sale completion process. As a result the government will receive the final £520 million as part of the conclusion of this sale.

At that time the current Non-Executive Directors of NRAM plc will resign from the Board, however, to ensure a smooth transition between 5 May 2016 and final completion the Executives, Richard Banks and Ian Hares, will remain on the Board of NRAM plc as Non-Executive Directors. Post final completion they will stand down from NRAM plc and they will receive no fees for this directorship. The Board of NRAM (No.1) Limited will comprise the current Board Members of NRAM plc.

Customers are not affected by this and do not need to take any action; their mortgages continue to be administered by UKAR staff and there are no changes to their terms and conditions.

The final part of the sale completion process, expected in the Summer of 2016, will see Cerberus change the name of NRAM plc and UKAR will change the name of NRAM (No.1) Limited to NRAM Limited. At this point, customers affected by this transaction will be contacted by the relevant company to explain the change in ownership of their mortgage or loan.

ENDS
***

NOTES

UK Asset Resolution Limited (UKAR)

UKAR was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley and NRAM to maximise value for taxpayers, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty. Further information about UKAR is available at www.ukar.co.uk.

Media Contact: Investor Relations Contact:
Brunswick UKAR
   
Jonathan Glass / Pip Green Neil Vanham
Tel: +44 20 7404 5959 Tel: +44 1274 806 341
Email: ukar@brunswickgroup.com Email: neil.vanham@ukar.co.uk

Press releases

UKAR Interim Results Announcement 2017
30 Nov 2017
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and NRAM Limited ('NRAM') today issues its interim results for the six months ended 30 September 2017 ('H1 2017/18').
[Read More]
UKAR Annual Report & Accounts 2017
04 Jul 2017
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and NRAM Ltd ('NRAM') today issues its results for the year ended 31 March 2017 (‘2016/17').
[Read More]
Board Changes
27 Jun 2017
UK Asset Resolution Ltd (“UKAR”) announces that Michael Buckley has today retired from his role as Non-Executive Director from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited.
[Read More]
Board Change
06 Apr 2017
The Boards of UK Asset Resolution Ltd, Bradford & Bingley plc and NRAM Ltd announce the appointment of Peter Norton as a Non-Executive Director of each Company, with immediate effect.
[Read More]
UK Asset Resolution announces sale of Bradford & Bingley assets for £11.8 billion
31 Mar 2017
Bradford & Bingley plc (B&B), part of UK Asset Resolution (UKAR), today confirms that following an open and competitive process it has agreed to sell two separate asset portfolios comprising performing buy to let loans for a total of £11.8bn to Prudential plc and to funds managed by Blackstone.
[Read More]
Board Change
01 Mar 2017
UK Asset Resolution Ltd (“UKAR”) today announces that David Lunn, a Non-Executive Director appointed by UK Financial Investments Ltd (”UKFI”), stepped down on 28 February 2017 from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited to take up a new position within HM Treasury.
[Read More]