March 3, 2009
Northern Rock makes huge loss
Story link: Northern Rock makes huge loss
Northern Rock became a Nationalised bank last year after getting them selves into major financial difficulty.
While the end of 2008 and the start have 2009 have been steady for Northern Rock, they are still in the deep end, after reporting a £1.4bn loss in write offs in 2008.
Nationalised bank Northern Rock has confirmed that it made a loss of £1.4bn in 2008 following hefty write-offs on its mortgage loans.
Last year, the bank repossessed about 4,000 of its borrowers’ homes, amounting to 10% of all repossessions.