A report published by independent valuer BDO has ruled there is no reason for Northern Rock shareholders to receive any compensation and has determined that there is "no value" in shares of the beleaguered lender.
Valuer Andrew Caldwell claimed there was no evidence to support shareholders' view that the business was a going concern after its collapse and said there was no surplus money to hand back to shareholders after taking account of Northern Rock's liabilities.
In a final document uploaded to the Northern Rock valuer website, Caldwell says: "I determine that the amount of compensation payable by the Treasury to former shareholders or to those whose rights to receive shares have been extinguished is nil."
Northern Rock announced a loss of £257m for 2009 earlier this month, an improvement on the £1.4bn it haemorrhaged in 2008.
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards