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£800m repaid to government by UK Asset Revolution

UK Asset Resolution (UKAR) have repaid the taxpayer almost £800 million in the first 6 months of 2012 from the closed mortgage businesses of Bradford & Bingley and Northern Rock Asset Management.

UKAR were given the responsibility of maximising taxpayer value after the two banks had to be bailed out during the banking crisis.

Since they came aboard, they have witnessed a 15% fall in repossessions and a 9% decline in arrears since the start of 2012.

UKAR’s chief executive Richard Banks said: “We have made strong progress in the first half with further repayments to the Government.

“Much of our focus is on helping those of our customers who are in financial difficulty and it is pleasing to see a further significant reduction in arrears levels despite the continued economic uncertainty and pressure on consumers’ finances.

Underlying pre-tax profits for the first half of 2012 were £481.4m, down from £591.8m in the first half of 2012.

The decline has been attributed to the falling balance sheet and an increase in interest in their Government loans.

This was posted in Bdaily's Members' News section by Ruth Mitchell .