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Northern Rock and B&B ‘bad bank’ boss paid £815k

The chief executive of UK Asset Resolution, the organisation running down the loan books of failed banks Northern Rock and Bradford & Bingley, was paid £815,000 last year.

The Times reports UKAR chief executive Richard Banks is one of Britain’s highest-paid Government employees, earning more than five times the Prime Minister’s salary.

Banks received a 27 per cent salary rise last year.

His pay packet, which incudes three different cash bonuses totalling £314,000, was approved by UK Financial Investments, the Treasury body that oversees taxpayer stakes in failed and rescued banks.

His pay is £365,000 a year higher than that of BBC director-general Tony Hall, though £59,000 a year shy of Bank of England governor Mark Carney’s £874,000 package.

UKAR repaid £5.1bn in Government loans in the 15 months to 31 March 2014, taking its total repayments since it was formed in October 2010 to £10.4bn.

UKAR has 467,000 customers with 529,000 mortgage accounts as well as 119,000 personal loan accounts.

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