About Us

We represent a significant number of individuals, namely the over 150,000 shareholders who were adversely impacted by the ‘temporary’ (now permanent) nationalisation of Northern Rock plc (NR). As set out below, our shares were essentially confiscated during this nationalisation and zero compensation was given to us despite the government ultimately accruing significant profits. This act has been proven to have been a ‘knee jerk’ reaction during a much larger situation (2008 global banking crisis).

Message From Committee Chairs

Sue Gibbons

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

Peter Camponi

The nationalisation of Northern Rock plc was an unprecedented act in the history of the UK banking sector – what could possibly have been the rationale behind this decision?

Executive Summary

Notwithstanding the actual global banking crisis of 2008, we demand to know why Northern Rock plc was treated differently to all other affected banking institutions (none of which were nationalised) and why this continues even today, 16 years later – only Northern Rock has repaid all monies advanced by the government during the banking crisis and yet the shareholders still have zero ownership and compensation for Northern Rock, despite it continuing as a going concern.

Every subsequent evaluation of the actions taken shows there was no cost impact to the UK taxpayer. These evaluations are from several reputable sources (including the Government itself/Office of Budget Responsibility (OBR)) they all show that, in varying degrees, Northern Rock has contributed not insignificant surpluses to the HM Treasury - this is despite the application of punitive charges from interest and fees – surely these gains should be redistributed to their rightful owners (the shareholders).

In recent months, we have all been made aware of The Horizon IT scandal affecting the Post Office Postmasters. This has been devastating for the affected parties and rightly deserves Government’s attention. The confiscation of over 495 million £0.25 ordinary shares in Northern Rock has been equally devastating to shareholders.

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.

The following pages 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.

We implore the TSC to review, investigate and adjudicate the above and to put right a grave wrong which has adversely impacted tens of thousands of ordinary individuals.

Given the £1.25 Trillion of GENERAL support provided to the UK Banks from April 2008 with facilities made available in the UK and the EU, supported by several years of near zero Central Bank Rates in Europe and the USA, it is clear that Northern Rock would have continued to thrive as a profitable going concern. There was no justification for the Government to rush through the Nationalisation at the very time that liquidity facilities were being finalised as GENERAL state aid to all UK banks.

House of Commons Treasury Committee Report:

The run on the Rock 2007–08