The legal and capital restructuring of the retail bank Northern Rock was finished on Jan. 1.
Northern Rock remains regulated and will continue as a mortgage provider. It will still service assets including a residential mortgage book of around £50 ($80.5 billion) and a portfolio of personal unsecured loan accounts of around £4.5 billion.
The portfolio includes Northern Rock’s residual interest in those mortgages, which have been sold to the Granite securitization program and the Northern Rock covered bond program totaling approximately £38 billion.
The firm said that over 90% of the mortgages held by the company are fully performing and are not in arrears.
Northern Rock (Asset Management) will no longer operate as a mortgage lender in the U.K.