Northern Rock’s last old board member quits

Northern Rock’s last old board member quits

After being investigated by the financial regulator, the last surviving member of old board of Northern Rock, David Jones quit from nationalized bank.

Mr. Jones was the finance director in 2007. He stepped down from his director position in 2008, but retained his senior position when bank was nationalized.

Last year, he was brought back to the position as chief finance officer.

Mr. Jones had left the company a week after the Financial Services Authority fined and banned two former Northern Rock executives for incorrectly reporting the arrears figures of around 2,000 mortgage loans.

The former deputy chief executive, David Baker was fined £504,000 in January 2007 for deceiving the investors by not disclosing the exact figures of bank's arrears and repossession levels.

Richard Barclay, the former managing credit director, was fined £140,000 for not reporting about the situation after knowing it.

Northern Rock broke down into public ownership in 2008.

The bad bank has £50bn of mortgages and £3.9bn of unsecured loans. It also controls the loan of UK government and does not extend mortgage lending.

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