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.

 

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