NATIONALISED UK BANK Northern Rock lost over £142m, from January to June 2010.
The bank has also reported it lost over £2bn in deposits over the period as the UK government lifed a savings guarantee at the bank. Retail deposits dropped to £17.6bn from £19.5bn, after the guarantee expired in May. The bank said it continues to prepare for its return to the private sector and will do so when the time is right.
The bank was the only one to experience a ‘run on it’ during the banking crisis. Before its collapse at had offered mortgages for up to 125% of a hose’s value.
Meanwhile Northern Rock’s ‘bad bank’ - Northern Rock Asset Management (NRAM) reported a return to profit. NRAM made £349.7m in the first half of 2010, compared to a loss of over £724m during the same period in 2009.
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