FD of rescued banks’ holding company takes board role

THE HOLDING COMPANY of nationalised banks Northern Rock Asset Management and Bradford & Bingley has promoted its finance director Phillip McLelland to the board.

UK Asset Resolution (UKAR) was created last October when the government rescued both struggling mortgage lenders.

McLelland (pictured) was group financial controller of Bradford & Bingley when it collapsed, taking up the FD role at UKAR last year.

In an interview with Accountancy Age‘s sister publication, Financial Director, McLelland said his role at UKAR was a chance to make reparations.

He said: “I feel a sense of responsibility. I was there. We were all there, not realising that the banking market would suddenly decide it didn’t want to lend money to itself.

“Bradford & Bingley did some things wrong and some things could have been done better.

“But what I’m pleased about now is being involved in making it better, in fixing something. And it feels like that. It didn’t feel like that for a while; it was more like our back was against the wall.”

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