UK Asset Resolution Ltd
Encyclopedia
UK Asset Resolution Ltd is a British
financial services holding company with headquarters in the West Yorkshire
town of Bingley
. It was established in October 2010 to hold the two run-off elements, Bradford & Bingley
and Northern Rock (Asset Management)
, of the two nationalised banks in the wake of the financial crisis of 2007 and 2008. UKAR manages an asset book in run-off, with the combined entity having a total mortgage book of £77bn (as at 30 June 2011) making it the 5th largest mortgage lender in the UK, although not selling any new business.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
financial services holding company with headquarters in the West Yorkshire
West Yorkshire
West Yorkshire is a metropolitan county within the Yorkshire and the Humber region of England with a population of 2.2 million. West Yorkshire came into existence as a metropolitan county in 1974 after the passage of the Local Government Act 1972....
town of Bingley
Bingley
Bingley is a market town in the metropolitan borough of the City of Bradford, in West Yorkshire, England. It is situated on the River Aire and the Leeds and Liverpool Canal...
. It was established in October 2010 to hold the two run-off elements, Bradford & Bingley
Bradford & Bingley
Bradford & Bingley plc is a British bank with headquarters in the West Yorkshire town of Bingley. In 2008, partly due to the credit crunch, the bank was nationalised and in effect split into two parts; the mortgage book remained with the now publicly owned Bradford & Bingley plc, and the deposits...
and Northern Rock (Asset Management)
Northern Rock (Asset Management)
Northern Rock plc is a British asset holding and management company which was split away from the Northern Rock bank in 2010. It is currently under public ownership, due to the bank's nationalisation in 2008...
, of the two nationalised banks in the wake of the financial crisis of 2007 and 2008. UKAR manages an asset book in run-off, with the combined entity having a total mortgage book of £77bn (as at 30 June 2011) making it the 5th largest mortgage lender in the UK, although not selling any new business.