UK Asset Resolution (UKAR) is a British financial services holding company with headquarters in the West Yorkshire village of Crossflatts (near Bradford & Bingley's former headquarters in Bingley).[1] It was established in October 2010 as a bad bank to hold the two run-off elements, Bradford & Bingley (including the Mortgage Express brand) and NRAM plc (previously known as Northern Rock Asset Management), of the two nationalised banks in the wake of the financial crisis of 2007 and 2008.
UKAR manages an asset book in run-off, with the combined entity having a total mortgage book of £4.7bn (as at 31 March 2020), down by £94.7bn since its establishment in 2010.[2]
On 22 June 2012 Virgin Money, owners of the Northern Rock bank, acquired the remainder of the NRAM Gosforth site, and the following month UKAR sold £465 million of mortgages from the NRAM portfolio to Virgin.[3] UKAR left their Gosforth, Newcastle upon Tyne (Northern Rock / Regent Centre) offices in 2013, and moved those remaining staff to Doxford and Bingley.[4]
In 2011 UKAR repaid £2.15 billion to taxpayers and in 2012 paid a further £4 billion.[5][6]
In August 2013, the bank said it has now returned £6.6 billion to the government. It owed £48.7 billion when it was created in October 2010.[7]
In 2014 £2.7 billion of the mortgage book was agreed to be sold to Commercial First, a consortium led by JP Morgan.[8]
In 2015 UKFI announced that it would seek expressions of interest for the divestment of mortgage servicing capabilities of the NRAM business as well as the Granite securitisation vehicle. UKFI appointed Moelis & Company as advisers for the divestments.[9] On 13 November 2015, UKAR confirmed the sale of NRAM's Granite mortgage portfolio to Cerberus Capital Management for £13 billion.[10]
On 31 March 2017 it was announced by HM Treasury that the sale of buy-to-let mortgages from the Bradford & Bingley loan book to Prudential plc and funds managed by The Blackstone Group had been agreed for £11.8 billion.[11][12]
On February 26, 2021, UKAR announced the sale of its final assets from Bradford & Bingley and Northern Rock at a price of £5 billion to a consortium of Citibank and Davidson Kempner Capital Management LP. This transaction consisted of two steps: UKAR sold the remaining loan portfolio to Citibank and Davidson acquired the government’s equity in Bradford & Bingley and NRAM. This concluded the government’s ownership of both institutions. UKAR will have no staff going forward but remains a government-owned entity, with PricewaterhouseCoopers handling any activities that arise.[13]
^"Northern Rock sell-off nets extra £538m for taxpayers". BBC News. 23 July 2012. Retrieved 23 July 2012.
^"UK Asset Resolution to close Newcastle office". BBC News. 6 December 2011. Retrieved 6 December 2011.
^"UKAR Preliminary Results Announcement 2011". UK Asset Resolution Ltd. 2 March 2012. Retrieved 7 May 2012.
^"Bradford & Bingley owner repays £4bn to taxpayers". BBC News. 25 March 2013. Retrieved 6 April 2013.
^Clare Hutchison (6 August 2013). "UK 'bad bank' repays $2.9 billion to taxpayers in first half". Reuters.
^"UK 'zombie' bank sells 2.7 billion pounds of loans to JP Morgan group". Reuters. 14 October 2014. Retrieved 14 October 2014.
^"Osborne Says U.K. Plans Faster Sale of Lloyds Shares in 2015". Bloomberg. 18 March 2015. Retrieved 4 April 2015.
^Ping Chan, Szu; Wallace, Tim (13 November 2015). "Government sells £13bn of former Northern Rock mortgages to US private equity firm". The Telegraph. Retrieved 13 November 2015.
^"Bradford & Bingley asset sale 'raises £12bn for taxpayers'". Sky News. 31 March 2017.
^"Bradford & Bingley mortgage sale raises £11.8bn". BBC News. 31 March 2017. Retrieved 31 March 2017.
^"UKAR Update: 26 Feb 2021". UK Asset Resolution Ltd. in YPFS Resource Library. 26 February 2021.
External linksedit
Official website
February 26, 2024
asset, resolution, ukar, british, financial, services, holding, company, with, headquarters, west, yorkshire, village, crossflatts, near, bradford, bingley, former, headquarters, bingley, established, october, 2010, bank, hold, elements, bradford, bingley, inc. UK Asset Resolution UKAR is a British financial services holding company with headquarters in the West Yorkshire village of Crossflatts near Bradford amp Bingley s former headquarters in Bingley 1 It was established in October 2010 as a bad bank to hold the two run off elements Bradford amp Bingley including the Mortgage Express brand and NRAM plc previously known as Northern Rock Asset Management of the two nationalised banks in the wake of the financial crisis of 2007 and 2008 UK Asset Resolution LimitedCompany typeState owned limited companyIndustryFinanceFoundedOctober 2010 2010 10 HeadquartersCrossflatts England UKKey peopleJohn Tattersall ChairmanIan Hares Chief executive officerProductsFinancial servicesTotal assets 5 1bn 2020 OwnerHM GovernmentNumber of employees110 2020 ParentUK Government InvestmentsSubsidiariesUKAR Corporate ServicesWebsitewww wbr ukar wbr co wbr ukUKAR manages an asset book in run off with the combined entity having a total mortgage book of 4 7bn as at 31 March 2020 down by 94 7bn since its establishment in 2010 2 Contents 1 History 2 See also 3 References 4 External linksHistory edit nbsp The Northern Rock buildings in Gosforth Newcastle upon Tyne which housed some of UKAR s staff On 22 June 2012 Virgin Money owners of the Northern Rock bank acquired the remainder of the NRAM Gosforth site and the following month UKAR sold 465 million of mortgages from the NRAM portfolio to Virgin 3 UKAR left their Gosforth Newcastle upon Tyne Northern Rock Regent Centre offices in 2013 and moved those remaining staff to Doxford and Bingley 4 In 2011 UKAR repaid 2 15 billion to taxpayers and in 2012 paid a further 4 billion 5 6 In August 2013 the bank said it has now returned 6 6 billion to the government It owed 48 7 billion when it was created in October 2010 7 In 2014 2 7 billion of the mortgage book was agreed to be sold to Commercial First a consortium led by JP Morgan 8 In 2015 UKFI announced that it would seek expressions of interest for the divestment of mortgage servicing capabilities of the NRAM business as well as the Granite securitisation vehicle UKFI appointed Moelis amp Company as advisers for the divestments 9 On 13 November 2015 UKAR confirmed the sale of NRAM s Granite mortgage portfolio to Cerberus Capital Management for 13 billion 10 On 31 March 2017 it was announced by HM Treasury that the sale of buy to let mortgages from the Bradford amp Bingley loan book to Prudential plc and funds managed by The Blackstone Group had been agreed for 11 8 billion 11 12 On February 26 2021 UKAR announced the sale of its final assets from Bradford amp Bingley and Northern Rock at a price of 5 billion to a consortium of Citibank and Davidson Kempner Capital Management LP This transaction consisted of two steps UKAR sold the remaining loan portfolio to Citibank and Davidson acquired the government s equity in Bradford amp Bingley and NRAM This concluded the government s ownership of both institutions UKAR will have no staff going forward but remains a government owned entity with PricewaterhouseCoopers handling any activities that arise 13 See also edit nbsp Companies portalUK Financial Investments Bad BankReferences edit UK Asset Resolution Company no 07301961 Companies House Retrieved 14 November 2013 https www ukar co uk media Files U Ukar V3 documents ukar factsheet 2020 pdf dead link Northern Rock sell off nets extra 538m for taxpayers BBC News 23 July 2012 Retrieved 23 July 2012 UK Asset Resolution to close Newcastle office BBC News 6 December 2011 Retrieved 6 December 2011 UKAR Preliminary Results Announcement 2011 UK Asset Resolution Ltd 2 March 2012 Retrieved 7 May 2012 Bradford amp Bingley owner repays 4bn to taxpayers BBC News 25 March 2013 Retrieved 6 April 2013 Clare Hutchison 6 August 2013 UK bad bank repays 2 9 billion to taxpayers in first half Reuters UK zombie bank sells 2 7 billion pounds of loans to JP Morgan group Reuters 14 October 2014 Retrieved 14 October 2014 Osborne Says U K Plans Faster Sale of Lloyds Shares in 2015 Bloomberg 18 March 2015 Retrieved 4 April 2015 Ping Chan Szu Wallace Tim 13 November 2015 Government sells 13bn of former Northern Rock mortgages to US private equity firm The Telegraph Retrieved 13 November 2015 Bradford amp Bingley asset sale raises 12bn for taxpayers Sky News 31 March 2017 Bradford amp Bingley mortgage sale raises 11 8bn BBC News 31 March 2017 Retrieved 31 March 2017 UKAR Update 26 Feb 2021 UK Asset Resolution Ltd in YPFS Resource Library 26 February 2021 External links editOfficial website Retrieved from https en wikipedia org w index php title UK Asset Resolution amp oldid 1093961503, wikipedia, wiki, book, books, library,
