Northern Rock handlers repay £1.9bn

UK Asset Resolution (UKAR) Limited which incorporates Bradford & Bingley plc and Northern Rock (Asset Management) has repaid £1.9bn to taxpayers.

In a report of its half year results, the government-owned body, which is headquartered in Crossflats, said underlying profit before tax increased by 10% to £529m.

UKAR said a 17% reduction in mortgage arrears since the start of the year was partly responsible for the improved performance.

Richard Banks, UKAR chief executive, said: “UKAR has continued to make good progress in the first half of this year, with payments of £1.9bn made to taxpayers.

“It is also pleasing to see the continued reduction in arrears due to the dedication and professionalism of colleagues proactively working with our customers to help them achieve the right outcomes