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Location address: United Kingdom, Newcastle Upon Tyne
Number of texts: 2
Northern Rock was a British bank, most recently owned and operated by Virgin Money. It was based at Regent Centre in Newcastle upon Tyne, United Kingdom. During 2012 the Northern Rock brand was phased out and replaced by Virgin. Northern Rock was best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007. Having failed to find a commercial buyer for the business, it was taken into public ownership in 2008, and was then bought by Virgin Money in 2012.
NRAM plc (previously Northern Rock (Asset Management) plc) is a British asset holding and management company which was split away from the Northern Rock bank in 2010. It is currently under public ownership, due to the bank’s nationalisation in 2008. The company continues to service a residential mortgage book of approximately £50 billion.