Publication pursuant to Article 6 of Directive 2001/24/EC of the European Parliament and of the Council on the reorganisation and winding up of credit institutions
Date: 2010-01-14
Institutions: Council of the European Union, European Parliament
Subjects: United Kingdom, business start-up, capital transfer, credit institution, liquidation








C_2010008EN.01002501.xml










14.1.2010   


EN


Official Journal of the European Union


C 8/25





Publication pursuant to Article 6 of Directive 2001/24/EC of the European Parliament and of the Council on the reorganisation and winding up of credit institutions
2010/C 8/08

NORTHERN ROCK PLC TRANSFER ORDER 2009

On 8 December 2009 the Treasury, the UK’s finance and economics ministry, made the Northern Rock plc Transfer Order 2009 (‘the Order’), which makes provision for certain reorganisation measures to be implemented in respect of the restructuring of Northern Rock plc (wholly owned by the Treasury).
Articles 2, 6, 7 and 8 of, and Schedule 2 to, the Order came into force on 8 December 2009. Articles 6 and 7 make provision to ensure that third parties do not acquire or incur new rights, interests, obligations or liabilities as a result of the making of the Order or things done or omitted to be done in relation to it.
The remaining provisions of the Order come into force on 1 January 2010 and make provision in conjunction with, or to give effect to, the restructuring of Northern Rock plc.
The restructuring involves the transfer of parts of Northern Rock’s business, including retail deposits, specified wholesale deposits and a proportion of unencumbered mortgages (which includes all of the business of Northern Rock’s Irish branch (registered number at the Irish Companies Registration Office of 904328)) to a new company, which is wholly owned by the Treasury and will be regulated by the Financial Services Authority (the body established to regulate the financial services industry in the UK). The remainder of Northern Rock’s mortgage book, arrangements relating to the Granite securitisation and the covered bond programme, the Government loan and other borrowings, derivatives and specified wholesale deposits (held on behalf of its wholesale funding programmes) will remain with the existing company.
Following the transfer, it is intended that the existing company will be renamed as ‘Northern Rock (Asset Management) plc’ and the new company will be named ‘Northern Rock plc’. Both companies will be operated at arms’ length from the UK Government on commercial principles.
The Order was made in exercise of the powers conferred by sections 8 and 12 of, and Schedule 2 to, the Banking (Special Provisions) Act 2008. Further details are available at: http://www.hm-treasury.gov.uk
Persons affected by the Treasury’s decision to make the Order may apply to the Administrative Court at the Royal Courts of Justice, Strand, London, WC2A 2LL, UNITED KINGDOM, for leave to challenge the decision by way of judicial review promptly, and in any event, not later than 3 months after 8 December 2009. Information regarding the time limit (including the circumstances in which it may be extended) and the procedure for making an application is set out in Civil Procedure Rule 54, available at: http://www.justice.gov.uk