Information about the restructuring of our parent company Northern Rock plc ("Northern Rock").
As you may be aware, Northern Rock have been planning to restructure to build a stronger future and deliver value to the UK taxpayer. Plans have been approved by the European Commission, the UK Financial Services Authority and the UK Government and - with effect from 1 January 2010 - Northern Rock was restructured into two separate companies:
- Northern Rock plc is a new, well-capitalised bank that will hold and service all customer savings accounts and some existing mortgage accounts, as well as offering new mortgage and savings products to new and existing customers.
- Northern Rock (Asset Management) plc is the existing company that has been renamed. This company is also well-capitalised and holds and services the majority of existing mortgage and unsecured loan accounts. It does not offer any new products or provide the option of additional borrowing to its existing customers.
Both companies remain in UK Government ownership and are authorised and regulated by the UK Financial Services Authority.
What does this mean for Northern Rock (Guernsey) Limited customers?The new bank, Northern Rock plc, has become the new parent company of Northern Rock (Guernsey) Limited following approval from the Guernsey Financial Services Commission.
If you would like to find out more and to help answer any queries you may have, please visit our Frequently Asked Questions page.
Alternatively, you can give us a call to speak to one of our colleagues.
We remain committed to providing you and all of our customers with great service.
Thank you for your continued support.
© Northern Rock (Guernsey) Limited 2010