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The former boss of Northern Rock is still on his salary of £760,000 a year, it will be revealed today. Adam Applegarth was the architect of the catastrophic business model which led to the lender's collapse last year
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Tags: additional, arrears, bank, business, conditions, debt, economic, entitled, government, guardian, loan, loans, money, mortgage, newspapers, northern rock, payout, reuters, salary, telegraph -
Anger over £760,000 payoff for ex-Northern Rock boss who presided over bank's collaps
The former boss of Northern Rock is still on his salary of £760,000 a year, it will be revealed today. Adam Applegarth was the architect of the catastrophic business model which led to the lender's collapse last year
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Northern Rock not doing too good
LONDON (Reuters) - Troubled bank Northern Rock will reveal additional writedowns when it reports its 2007 results on Monday, as loan qualities continue to deteriorate, newspapers reported on Sunday.
The Sunday Telegraph said the bank, which was nationalised last month to prevent it from collapse, has had to nearly double an initial writedown on bad loans taken in December of 118 million pounds.
The newspaper added that the bank's 167 million pound U.S. Collateralised Debt Obligation (CDO) portfolio was virtually worthless because of deteriorating economic conditions. CDOs are packages of loans sold to investors.
The Sunday Times said Northern Rock would post a loss for 2007, and that arrears on the bank's mortgage book climbed almost 20 percent between January and February, citing data filed by Northern Rock's Granite securitisation vehicle
No one was available for comment at Northern Rock
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Huge payoff for Rock chief, despite bank's £167m loss
The former boss of Northern Rock will be entitled to a £760,000 payoff despite the bank being rescued by the Government, it was confirmed today.
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Anger over £760,000 payoff for ex-Northern Rock boss who presided over bank's collaps
The former boss of Northern Rock is still on his salary of £760,000 a year, the lender's annual report reveals. Adam Applegarth was the architect of the catastrophic business model which led to the lender's collapse last year
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Northern Rock will make losses for next three years
Nationalised bank pledges to repay £24bn to taxpayers by 2010 as former chief executive gets £760,000 payoff
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Northern Rock still being dragged over the coals
More bad press has come for Northern Rock this week, as it reveals its ex-chief executive remains ...
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Huge rise in repossessions at Northern Rock as anger grows over £760,000 payout for b
The former boss of Northern Rock is still on his salary of £760,000 a year, the lender's annual report reveals. Adam Applegarth was the architect of the catastrophic business model which led to the lender's collapse last year
More...Comment
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Huge rise in repossessions at Northern Rock as anger grows over £760,000 payout for b
The former boss of Northern Rock is still on his salary of £760,000 a year, the lender's annual report reveals. Adam Applegarth was the architect of the catastrophic business model which led to the lender's collapse last year
More...Comment
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