Northern Rock pledges to repay taxpayers
Written: 31st March, 2008
Newly-nationalised bank Northern Rock has promised to repay its £24bn state loan by 2010 despite warning that it would not break even for three years.
The bank said it would be significantly loss making in 2008, after posting a pre-tax loss of £167.6m in 2007.
Northern Rock also revealed that it will pay former chief executive Adam Applegarth a total of £785,000 as part of his severance agreement.
Shareholders have criticised the payout after the bank ran into problems.