Sto dando un'occhiata a cosa è successo a N Rock per capire cosa potrebbe succedere a Anglo Irish. N Rock era stata divisa in due:
- La good company, vale a dire la nuova banca;
- La società di asset management, che è la vecchia banca a cui sono rimasti i vecchi muti ipotecari.
I debiti subordinati sono rimasti nella vecchia banca e seguiranno le regole previste da ciascun prospetto (per cui non era stata fatta alcuna porcata tipo B&B). Gli LT2 continuano a pagare le cedole e ad essere rimborsati a scadenza.
Qualcuno ha idea d quanto quotino gli LT2 di N Rock?
08/12/2009 Northern Rock Legal and Capital Restructure
Please Note: This article pre-dates the company restructure of 01 January 2010
- HM Treasury has today made The Northern Rock plc Transfer Order 2009 to implement the legal and capital restructure of the Company
- This is an important milestone for Northern Rock
- The legal and capital restructure will complete on 1 January 2010
- Customers need take no action and they can continue to contact Northern Rock in the usual ways
Overview
Northern Rock plc (the Company) confirms that HM Treasury has today made the Northern Rock plc Transfer Order 2009 (the Transfer Order) which will effect the legal and capital restructuring of the Company on 1 January 2010 (the Transfer Date). This Transfer Order provides the legal mechanism through which the restructure will be implemented.
The Transfer Order will be published on the website of the Office of Public Sector Information
(http://www.opsi.gov.uk). The Transfer Order and the Transfer Administration Agreement (an agreement made in connection with the Transfer Order) and related documents are also available on the HM Treasury website
(www.hm-treasury.gov.uk.)
As previously announced, the restructuring will result in two separate companies:
- Northern Rock plc– a new savings and mortgage bank that will hold and service all customer savings accounts (balances are currently approximately £19 billion) and approximately £10 billion of mortgages. The new bank will be regulated as a deposit taker and mortgage lender by the FSA. It will offer new savings products and will also offer new mortgage lending to increase mortgage supply and help sustain a competitive market. Northern Rock plc will also hold certain wholesale deposits.
- Northern Rock (Asset Management) plc– the existing company (renamed) which will hold and service the majority of the existing residential mortgage book (approximately £50 billion) and will be regulated by the FSA as a mortgage provider, not a deposit taking bank.
At the Transfer Date, it is expected that over 90% of the mortgages held by Northern Rock (Asset Management) plc will be fully performing and not in arrears. The portfolio will include the Company’s residual interest in those mortgages which have been sold to the Granite securitisation programme and the Northern Rock covered bond programme (totalling approximately £38 billion). This company will not offer any new mortgage lending.
Northern Rock (Asset Management) plc will also continue to hold all unsecured loan accounts, the Government loan and the Company’s outstanding wholesale funding and subordinated debt as at the Transfer Date. As part of the restructure, the Government loan will increase by approximately £8 billion to provide cash to be transferred to the new bank to support its retail deposit book and new lending activity.
The restructure provides a more capital efficient structure, with total capital required for the two companies being within the £3 billion level announced in August 2008. At the Transfer Date, HM Treasury will hold (through its nominee) the paid up share capital of the new bank which will be £1.4 billion (1.4 billion ordinary shares of £1 each). HM Treasury has also committed to ensure that Northern Rock (Asset Management) plc meets its regulatory capital requirements by undertaking to provide capital of up to £1.6 billion, if such capital is required.
As previously announced, the European Commission confirmed on 28 October 2009 that it had approved the restructuring plan for Northern Rock. The Company continues to work closely with the FSA to gain the necessary regulatory approvals for the two companies.
Customers
For Northern Rock customers it is business as usual and they need take no action. All savings accounts will be transferred to the new bank, Northern Rock plc, on 1 January 2010. The majority of mortgage accounts will remain in the existing company, Northern Rock (Asset Management) plc, and a proportion of mortgage accounts will be transferred to the new bank, Northern Rock plc, also on 1 January 2010. All customers will be informed in writing, during January, which company holds their account.
The aim is to make this process as seamless as possible for customers, who can continue to contact Northern Rock in the usual ways. There will be no changes to product terms and conditions as a result of the restructuring and both companies will continue to provide the same high level of service to customers.
Government Guarantee Arrangements
HM Treasury has today released details of the guarantee arrangements which will be put in place for Northern Rock plc and Northern Rock (Asset Management) plc, and which will apply following completion of the restructure. Full details of these announcements can be found on the HM Treasury website at
www.hm-treasury.gov.uk..
Retail deposits will continue to be guaranteed in the new bank following the restructure. Given the Company’s good progress to date and the new bank’s strong capital and liquidity position, release of this guarantee will be reviewed by HM Treasury following completion of the restructuring. As previously stated by HM Treasury, any decision to release this guarantee is subject to a minimum notice period of three months and fixed term accounts will retain the guarantee for the term of the product.
Certain limited classes of wholesale deposits and borrowings of the new bank will be guaranteed until 31 December 2010.
The Government wholesale guarantees for the existing company, renamed Northern Rock (Asset Management) plc, will remain in place following completion of the restructure. Certain modifications are being made to those guarantees in connection with the restructure as described in the announcement by HM Treasury today. Northern Rock (Asset Management) plc will not hold any retail deposits and, therefore, will not have any retail guarantees.
Subordinated Debt
Northern Rock (Asset Management) plc will continue to be the borrower in respect of all Northern Rock subordinated debt outstanding at the Transfer Date. As previously announced, where the contractual terms allow, it will not call or pay principal or coupons on these instruments whilst it is in receipt of State Aid.
Any resulting deferral of subordinated debt payments will be made in accordance with the terms and conditions of the relevant instruments, including providing any required notice to note holders at the appropriate time.
Gary Hoffman, Chief Executive said:
“Today is a very important step towards completing the legal and capital restructure of Northern Rock into two separate companies on 1 January 2010.
“We want this to be a seamless process for our customers and they do not need to take any action. We will be writing to them in early January confirming which company holds their account – but we have already confirmed that all savings accounts will be in the new bank.
“I am pleased with the progress to date and all of the hard work colleagues are doing behind the scenes to ensure this is a smooth process for customers."
