NRSAG

FAIR VALUE COMPENSATION

The NRSAG appeal for a Treasury Select Committee investigation and adjudication for Northern Rock shareholders. 
Background

The Northern Rock Shareholder Action Group ("NRSAG") is run by a committee of volunteers. The UK Shareholders Association has provided administrative and advisory oversight to the committee since the Northern Rock crisis began in 2007.
150k+

Shareholders Affected

 2008

Year of Nationalisation

 £7.8bn

Accounts Based Value

 £16bn

Enterprise Value

News Articles (16 May 2024)
Media Press Reports

Request For Treasury Select Committee Adjudication

WHAT HAPPENED

The general principle in commercial disputes is that anyone who damages the value of a company should not benefit from the subsequent valuation of the company, but here the government and its agencies caused many of the problems facing Northern Rock yet made billions of pounds in profits from assets they acquired for free.

QUESTIONABLE ACTIONS

The shareholders of Northern Rock are owed explanations why they are the only ones to have lost not only their investment at the time but also access to future dividend benefits – for many individuals this represented their life savings, as well as their hopes and aspirations for a more comfortable life in later years.

WHAT ARE WE SEEKING

We are seeking fair and equitable compensation for this erroneous confiscation of our investment through the act of nationalisation.

The website will provide detailed discussion of the events leading to the Northern Rock PLC nationalisation, as well as the events afterwards and the causes, the reactions and the ultimate consequences of the actions taken.

Sue Milton of the UK Shareholders Association shares her views

Sue runs her own firm, providing governance and information technology advisory services globally to build and retain corporate sustainability, including cyber safety and security management. Sue has worked in the financial sector, most recently at the Bank of England, as adviser on central bank governance, and as the operational strategy manager at CLS Services, the operational arm of a New York based wholesale bank, set up to remove settlement risk in the FX markets.

Unjust Enrichment 

Northern Rock has netted the Government a huge surplus

The Annual Accounts of Northern Rock and the Office for Budget Responsibility reports substantiate that the bank was a highly profitable going concern, and in the summer of 2015, then Chancellor George Osborne, supported by Treasury forecasts, estimated that there would be around a £9 Billion SURPLUS after all loans and penal interest repayments / fees were settled. HM Treasury has therefore beyond any doubt accrued huge “unjust enrichment.”
Committee TSC Appeal

Sunday Times Article on 16th May 2024

In light of the admissions of failings in the regulatory framework, it stands to reason that a fresh look at the evidence surrounding the Nationalisation of Northern Rock could bring the UK Government to a more informed decision on how arbitrarily and unfairly the Compensation Order of February 2008 treated the former shareholders of Northern Rock compared with all other UK banks. The rigged valuation of zero compensation was simply not credible when compared with the 2012 UKFI assessment, the Rothschild/OBR reports of 2015 and the NRAM Treasury Accounts, proving billion of pounds of surplus for the taxpayer.
NRSAG

The Northern Rock Shareholder Action Group ("NRSAG") was set up by the UK Shareholders Association to promote the interests of Northern Rock Shareholders since September 2007. We are now primarily campaigning for fair compensation for the confiscation of the shares i.e. the shares you held in Northern Rock.

Chislehurst Business Centre, 1 Bromley Lane, Chislehurst, BR7 6LH
Northern Rock Shareholders Action Group