Northern Rock

Book released today

European bond funds suffered €433bn outflows in 2008

The government has been told it can sue French banking giant Societe Generale for allegedly mis-selling financial products to Northern Rock that were partly to blame for UK lender's collapse.

Northern Rock and Bradford & Bingley's 'bad bank' paid back another £1.9bn to taxpayers in the first half of the year, the Telegraph reports.

UK Asset Resolution (UKAR), the government agency responsible for winding down Northern Rock and Bradford & Bingley after their nationalisation, has sold some £450m of Northern Rock loans to US private equity firm JC Flowers.

The government is set to agree to sell some £450m of Northern Rock loans to American private equity firm JC Flowers, according to reports.

Virgin Money returned Northern Rock to profitability in the final four months of 2012 in what has been described as a "transformational year" for the combined business.

UK Asset Resolution (UKAR), which holds the toxic assets of former lenders Bradford & Bingley and Northern Rock, repaid £4bn to the taxpayer during 2012.

Northern Rock Asset Management is to compensate customers who took out loans with the bank a share of £270m, following errors made in paperwork.

The UK taxpayer may never recoup the £66bn spent on bailing out Royal Bank of Scotland (RBS) and Lloyds Banking Group, MPs have warned.