- In February 2008 HM Treasury (HMT) acquired all the shares in Northern Rock plc, with £37bn of funding provided by the UK Government. The company was split into Northern Rock plc and Northern Rock (Asset Management) plc.
- UK Asset Resolution Ltd (UKAR) became the holding company for Northern Rock (Asset Management) plc in 2010. The Government debt at that time was £21.7bn.
- The Government’s shareholding in Northern Rock plc was sold to Virgin Money in January 2012.
- In 2014, Northern Rock (Asset Management) plc was renamed NRAM plc.
- In 2016, Cerberus acquired NRAM plc as part of an asset sale transaction. Assets and liabilities not included in the sale were transferred to NRAM Ltd (a subsidiary of UKAR).
- By April 2019, the taxpayers’ £21.7bn investment in NRAM Ltd had been repaid in full.
- In October 2021, NRAM Ltd was returned to the private sector.
If you are, or were previously, a customer of NRAM Ltd, this business is no longer owned by UKAR. Responsibility for any past or present relationships remains with that company and you can find out how to contact them via the NRAM website.