Restored archive. The original History Commons is no longer online; this is a read-only edition of its timelines. Content is licensed CC BY-NC-SA.

March 31, 2008: Nationalized British Lender Announces Loss for Previous Year; Reveals Payoff for Former Boss

2008-03-31

The recently nationalized British bank Northern Rock publishes its results for 2007, showing a pre-tax loss of £167.6 million (about $335 million). The bank also says it will be “significantly loss-making” in 2008, but pledges to repay its £25 billion (about $50 billion) loan from the Bank of England by 2010. In addition, it reveals that former chief executive Adam Applegarth (see November 16, 2007) will get severance payments totaling £785,000 (about $1,570,000). [BBC, 8/5/2008]