UKAR balance sheet is cut by a further £6.4bn

UK Asset Resolution (UKAR) today revealed that it had reduced its balance sheet by a further £6.4bn over the last six months.
Library photo of a branch of mortgage lender Bradford & Bingley in Chelmsford, Essex. UK Asset Resolution - the taxpayer owned company formed from the merger of Bradford & Bingley (B&B) and Northern Rock Asset Management  has posted its half year results Photo:  Ian Nicholson/PA WireLibrary photo of a branch of mortgage lender Bradford & Bingley in Chelmsford, Essex. UK Asset Resolution - the taxpayer owned company formed from the merger of Bradford & Bingley (B&B) and Northern Rock Asset Management  has posted its half year results Photo:  Ian Nicholson/PA Wire
Library photo of a branch of mortgage lender Bradford & Bingley in Chelmsford, Essex. UK Asset Resolution - the taxpayer owned company formed from the merger of Bradford & Bingley (B&B) and Northern Rock Asset Management has posted its half year results Photo: Ian Nicholson/PA Wire

UKAR, which incorporates Bradford & Bingley plc and NRAM Ltd, has issued its interim results for the six months ended September 30 2016.

Over the half year, the company outsourced the servicing of its customer loans to Computershare. It also completed the final stage of the sale of around £13bn assets.

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The balance sheet was reduced by a further £6.4bn, bringing the total reduction to £78.9bn since the formation of UKAR in 2010.

Ian Hares, the chief executive, said: “In the first half, we finalised a major sale of assets and completed the outsourcing of our mortgage servicing operations providing stability of service to customers. We are now working on an asset sales programme that could ultimately lead to the phased repayment of the FSCS loan extended to Bradford & Bingley. This will be a significant step in the successful delivery of our strategic objectives.”

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