Nick Welcomes Restructuring of Northern Rock
Nick in Downing Street with Chancellor Alistair Darling
Nick today welcomed the entry of the newly strengthened Northern Rock to the savings and mortgage market after the restructuring of the company came into effect on 1 January 2010.
Nick said: “This is an important milestone for Northern Rock and its staff. It signals a fresh start for the new, strengthened bank and is a major step towards an independent future.
“The Government has protected the deposits of hundreds of thousands of British families. From today a healthy new Northern Rock will offer savings and mortgage products, increasing competition in the sector and providing consumers with more choice.”
The Government has made clear that it wants to see a well functioning mortgage market with responsible lending and access to a wide range of affordable mortgages. The successful launch of the new Northern Rock is a significant step towards meeting these aims.