Northern Rock did better than expected

Trinidad News.Net
Wednesday 10th March, 2010

The Northern Rock bank in the UK has announced good progress throughout 2009 as it prepares to be sold.

The bank was split in two last year, with savers' money held by a "good bank," while more risky loans, such as old mortgages, were sent to the bad side.

Management has said 2009 saw the bank having smaller falls in its loss book.

The bank lost £257.4m last year, compared with £1.36bn in 2008.

The eventual sale of Northern Rock is expected later this year, when Britons will recoup some of the billions of pounds of public money that the bank was lent to keep it from going under.

Northern Rock has seen an increase in mortgage lending across the year, while the amount of money people saved with the bank was largely unchanged.

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