UK Asset Resolution (UKAR)repaid the bailoutquicker than the mid-2020s expectation.
The UK’s so-called ‘bad bank’, which runs loans granted by Northern Rock and Bradford & Bingley, has repaid the£48.7bn loan from the taxpayer bailout.
UK Asset Resolution (UKAR)repaid the bailoutquicker than the mid-2020s expectation.
It has done so more quickly by selling off packages of loans to private equity buyers and its aim is to sell the last of the loans in 2020.
Ian Hares, UK chief executive, said: "I am delighted that, in under ten years, we have been able to repay in full the government loan of £48.7bn.
"Looking forward, we are focused on the disposal of the remaining government investments in NRAM and B&B whilst ensuring that customers are appropriately protected."
UKAR was set up - with its £48.7bn loan from the taxpayer bailout, to look after mortgages that were nationlsied when B&B and Northern Rock hit financial difficulties in 2008. It had 800,000 customers at the outset and now has 35,000.
