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NRAM repaid £2bn of its Government debt in 2011

Northern Rock Asset Management paid back £2bn of its Government loan in 2011, according to the results of its holding company UK Asset Resolution.

The results, which include Bradford & Bingley, show NRAM has paid back a total of £3.1bn since it separated from Northern Rock plc in January 2010.
B&B repaid £150m in 2011.

B&B and NRAM still owe the Government £26.9bn and £19.7bn respectively.

UKAR paid a further £688m to the Government in interest, fees and corporation tax, resulting in overall payments of £2.8bn for 2011, up from £1.6bn in 2010. Its underlying pre-tax profit more than doubled, from £444.1m in 2010 to £1.08bn in 2011.

Mortgage accounts three months or more in arrears reduced by 14 per cent to 33,216, down from 38,515 in 2010. However, the number of repossessed properties increased from 2,607 in 2010 to 2,705 at the end of 2011, a rise of 3.8 per cent.

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