The government’s so-called “bad bank” UK Asset Resolution sold the last of the book for £520m.
The government has sold the last of its £13bn former Northern Rock mortgage book to US investment firm Cerberus Capital Management.
The government’s so-called “bad bank” UK Asset Resolution sold the last of the book for £520m.
UK Asset Resolution said the mortgage portfolio was sold for £280m above book value.
Harriett Baldwin, economic secretary to the Treasury, said: “Today marks another major milestone in clearing up the mess left by the financial crisis, with the government completing the sale of former Northern Rock mortgages.
“The sale, which has raised £13bn for the British taxpayer, is the largest ever sale of financial assets by a British government.
“Today’s receipt of the final funds from this sale mean that we now have even further confidence that taxpayers will get back more money from Northern Rock than they were forced to put in during the financial crisis.”
