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Fifth of Rock customers face negative equity
Aug 4 2008 Liverpool Daily Post
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Northern Rock's executive chairman Ron Sandler has promised to repay the Bank of England loans by the end of 2010.
The recovery strategy includes the bank halving its balance sheet to £50 billion by the end of 2011 by stopping all business lending and accelerating mortgage redemptions for existing customers.
Earlier this year Mr Sandler warned of “significant losses” for the lender in 2008 as the credit market turmoil continued.
He also revealed more of the bank’s customers were finding it more difficult to make mortgage repayments. At the end of last year, 0.57% of the mortgage book was three months or more in arrears, but by the end of April that had risen to 0.95%.
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