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Northern Rock

Treasury written question – answered on 29th November 2011.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer

(1) whether he asked for or received information on what the remuneration and incentive schemes for (a) the Chief Executive Officer, (b) the Finance Director and (c) any other Executive Directors of Northern Rock will be under Virgin Money ownership;

(2) what the incentive schemes are for (a) the Chief Executive Officer, (b) the Finance Director and (c) any other executive directors of Northern Rock;

(3) what information he asked for or received regarding the compensation arrangements that have been agreed for the departing Northern Rock board members.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

The remuneration and incentive schemes of Northern Rock plc directors under Virgin Money ownership are a matter for Virgin Money.

Information regarding the remuneration and incentive schemes for Northern Rock plc board members can be found in Northern Rock plc's annual report and accounts 2010 via the following web link:

http://companyinfo.northernrock.co.uk/investorRelations/results/

No decisions have been made regarding compensation arrangements for departing Northern Rock plc board members.

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