UK Asset Resolution
 |
|
| State-owned limited company | |
| Industry | Finance |
| Founded | October 2010 |
| Headquarters | Bingley, West Yorkshire, United Kingdom |
|
Key people
|
Richard Pym, Chairman |
| Products | Financial Services |
| Total assets | £43.3bn (2016) |
| Owner | HM Government |
|
Number of employees
|
1,900 (2015) |
| Parent | UK Financial Investments |
| Subsidiaries |
Bradford & Bingley NRAM Limited |
| Website | ukar |
UK Asset Resolution (UKAR) is a British financial services holding company with headquarters in the West Yorkshire village of Crossflatts (near Bradford & Bingley's former headquarters in Bingley). It was established in October 2010 to hold the two run-off elements, Bradford & Bingley (including the Mortgage Express brand) and NRAM plc (previously known as Northern Rock Asset Management), of the two nationalised banks in the wake of the financial crisis of 2007 and 2008.
UKAR manages an asset book in run-off, with the combined entity having a total mortgage book of £49.6bn (as at 29 October 2015), although not selling any new business. In 2011 UKAR repaid £2.15 billion to taxpayers and in 2012 paid a further £4 billion.
In 2014 £2.7 billion of the mortgage book was agreed to be sold to Commercial First, a consortium led by JP Morgan. This was followed by the sale of mortgages and loans held by NRAM to Cerberus Capital Management for £13 billion in November 2015. A sale of buy-to-let mortagages held by Bradford & Bingley to Prudential plc and Blackstone Group for £11.8 million was completed in March 2017.
On 22 June 2012 Virgin Money, owners of the Northern Rock bank, acquired the remainder of the NRAM Gosforth site, and the following month UKAR sold £465 million of mortgages from the NRAM portfolio to Virgin. UKAR left their Gosforth, Newcastle upon Tyne (Northern Rock / Regent Centre) offices in 2013, and moved those remaining staff to Doxford and Bingley.
In August 2013, the bank said it has now returned £6.6 billion to the government. It owed £48.7 billion when it was created in October 2010.
In 2015 UKFI announced that it would seek expressions of interest for the divestment of mortgage servicing capabilities of the NRAM business as well as the Granite securitisation vehicle. UKFI appointed Moelis & Company as advisers for the divestments. On 13 November 2015, UKAR confirmed the sale of NRAM's Granite mortgage portfolio to Cerberus Capital Management for £13 billion.
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