UKAR Update

18 Mar 2015

Following the success of last year’s £2.7bn mortgage asset sale and against a background of supportive market conditions, in November 2014 UKAR appointed Credit Suisse to conduct a strategic review of options to accelerate repayment of the government loans whilst ensuring the stability and continuity of service to customers. The review concluded that there is positive investor interest in NRAM and B&B’s assets and separately the mortgage servicing capabilities of UKAR.

As a result, and subject to necessary approvals, the Board has determined that over the coming weeks we will move to a second stage and seek expressions of interest in respect of divestments which will include options around Granite, a securitisation vehicle originally established by Northern Rock in 2001. In parallel, UKAR will explore potential options for the divestment of the mortgage servicing activities.

Any transactions will be contingent on achieving value for money for the taxpayer.

Richard Banks, UKAR CEO, said: "The potential to accelerate the repayment of government loans has been made possible by the positive market conditions. We have also demonstrated that our mortgage servicing capabilities are successful in delivering value and it is appropriate to consider the best way of leveraging the infrastructure and skills which we have created over the last four and a half years to enable us to continue to serve NRAM and B&B customers."


Media Contact: Investor Relations Contact:
Brunswick UKAR
Jonathan Glass / Nick Cosgrove
Tel: +44 20 7404 5959
Neil Vanham
Tel: +44 1274 806 341


The Granite securitisation programme was established by Northern Rock in
2001 and allowed it to fund its mortgage book by selling securities to institutional investors. At 31 January 2015 Granite held £13.22bn of mortgage loans funded by £9.05bn of securities. The balance of £4.17bn is funded by NRAM.

UK Asset Resolution Limited (UKAR)
UKAR was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley (B&B) and NRAM to maximise value for taxpayers, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty. Further information about UKAR is available at

Press releases

UKAR Interim Results Announcement 2017
30 Nov 2017
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and NRAM Limited ('NRAM') today issues its interim results for the six months ended 30 September 2017 ('H1 2017/18').
[Read More]
UKAR Annual Report & Accounts 2017
04 Jul 2017
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and NRAM Ltd ('NRAM') today issues its results for the year ended 31 March 2017 (‘2016/17').
[Read More]
Board Changes
27 Jun 2017
UK Asset Resolution Ltd (“UKAR”) announces that Michael Buckley has today retired from his role as Non-Executive Director from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited.
[Read More]
Board Change
06 Apr 2017
The Boards of UK Asset Resolution Ltd, Bradford & Bingley plc and NRAM Ltd announce the appointment of Peter Norton as a Non-Executive Director of each Company, with immediate effect.
[Read More]
UK Asset Resolution announces sale of Bradford & Bingley assets for £11.8 billion
31 Mar 2017
Bradford & Bingley plc (B&B), part of UK Asset Resolution (UKAR), today confirms that following an open and competitive process it has agreed to sell two separate asset portfolios comprising performing buy to let loans for a total of £11.8bn to Prudential plc and to funds managed by Blackstone.
[Read More]
Board Change
01 Mar 2017
UK Asset Resolution Ltd (“UKAR”) today announces that David Lunn, a Non-Executive Director appointed by UK Financial Investments Ltd (”UKFI”), stepped down on 28 February 2017 from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited to take up a new position within HM Treasury.
[Read More]