Former Abbey FD joins ‘new Northern Rock’ board

Former Abbey group FD Mark Pain will serve with the newly-created Northern
Rock as a non-executive director.

Pain, a former group FD of Barratt
, takes on the role as Northern Rock splits into a new
mortgage-taking business, and one containing its historic debts and loan book.

will be split into: A new customer savings and mortgage bank
known as Northern Rock, which will also hold some of the previous incumbent’s
wholesale deposits; and Northern Rock (Asset Management), which is effectively
the existing company’s residential mortgage book that will be regulated as a
mortgage provider but not a deposit taking bank.

NRAM will hold all unsecured loan accounts, the government loan and the
current wholesale funding and debt instruments, and mortgages allocated to the
Granite securitisation.

Further reading:

Profile: Mark Pain, FD of Barratt

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