This announcement brings forward the end date of wholesale guarantees that, as previously stated, would not extend beyond 31 December 2010. The current beneficiaries under these wholesale guarantees are Northern Rock (Guernsey) and the Northern Rock Foundation, who both have funds on deposit with Northern Rock plc.
Fixed term wholesale liabilities in existence at 01 January 2010 continue to be guaranteed until maturity. This decision was taken following a recommendation from UK Financial Investments (UKFI). The Financial Services Authority (FSA) and the Bank of England have also approved this decision.
This announcement does not affect the wholesale guarantee arrangements in place for Northern Rock (Asset Management) plc.
