As a UK Government owned bank, it is important our parent company delivers value to the UK taxpayer. Restructuring Northern Rock into two companies achieves this by becoming more capital efficient.

Having restructured into two companies, the total combined amount of capital required across both companies is within the £3 billion level previously agreed by the UK Government. This is mainly because Northern Rock (Asset Management) plc does not hold any savings deposits and is therefore regulated with a lower capital requirement than a deposit taking bank.

Both companies remain in UK Government ownership following the restructure. The ultimate aim is to return to private ownership but there is no timetable or process in place for this.

There are no changes to the terms and conditions of any customer accounts as a result of the restructure of Northern Rock.

Both companies are authorised and regulated by the UK Financial Services Authority and meet their regulatory capital requirements.

You can continue to contact us in the same way you do now, either by telephone or online.