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Northern Rock Asset Management

Treasury written question – answered on 9th March 2020.

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Photo of Seema Malhotra Seema Malhotra Labour/Co-operative, Feltham and Heston

To ask the Chancellor of the Exchequer, what dividends the Government has received from Northern Rock Asset Management in each of the last five years; and what recent estimate he has made of the market value of the assets of Northern Rock Asset Management.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

NRAM Ltd is a subsidiary of UK Asset Resolution (UKAR) and does not pay dividends directly to HM Treasury. NRAM Ltd’s assets are not market-traded. However, its most recent Annual Report and Accounts state that as of 31 March 2019, NRAM Ltd had total capital and reserves of £5,129 million. This is before a dividend of £2,690m was paid to UKAR in May 2019 and a further dividend of £1,950m was paid to UKAR in July 2019. NRAM has made no other dividend payments to UKAR. UKAR paid dividends of £2.7 billion to HM Treasury in 2019.

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