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Leadership
No compensation for Northern Rock shareholders
08.12.2009
Thousands of Northern Rock shareholders were today told that they are not entitled to any compensation following the nationalisation of the lender in 2007.
The independent valuer of Northern Rock Andrew Caldwell today published a consultation document detailing the valuation process and his provisional conclusion, which says that shareholders of the Newcastle-based lender should not receive any compensation for their losses.
Caldwell said today that the consultation document had taken him longer than anticipated to complete due to difficulties he encountered in gathering the relevant information.
Working through his valuation process, Caldwell concluded that it was unlikely Northern Rock, which is now in administration, would have been able to repay the £25bn loan it received from the Bank of England, and in that case the lender would have been in a deficit of £5.7bn.
Caldwell told shareholders in a letter today that his valuation is still at the consultation stage and shareholders now have the opportunity to make written representations to him by 29 January.
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Irish Director is Ireland’s leading senior management magazine. Designed for business leaders and decision makers across the island, it covers topics of specific relevance to Ireland’s senior directors.
Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
Marketing Age is the definitive ‘voice’ of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
Knowledge Ireland is a ground-breaking bi-monthly magazine from our sister brand siliconrepublic.com, unique in its exploration of strategy and innovation through people and technology.
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