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August 30, 2015 5:05 PM ET

Thrifts and Mortgage Finance

Company Overview of NRAM plc

Company Overview

NRAM plc operates as a servicer of mortgage loans secured on residential properties in the United Kingdom. The company holds residential mortgages and unsecured loans; and government loans, and non-deposit wholesale and secured funding instruments. It also provides associated services; and serves homeowners and landlords. The company was formerly known as Northern Rock (Asset Management) plc and changed its name to NRAM plc in May 2014. The company was founded in 1850 and is based in Bingley, the United Kingdom. NRAM plc is a subsidiary of UK Asset Resolution Limited.

Croft Road

Crossflatts

Bingley,  BD16 2UA

United Kingdom

Founded in 1850

Key Executives for NRAM plc

Chief Executive Officer and Director
Age: 63
Finance & Investment Director and Director
Company Secretary
Communications Director
Assistant Director of PR
Compensation as of Fiscal Year 2015.

NRAM plc Key Developments

Northern Rock Wins Appeal

Northern Rock on July 23, 2015 won an appeal against a ruling that it had to compensate 41,000 customers who took out Together mortgages prior to its collapse. The Court of Appeal reversed last year's High Court ruling, against Northern Rock Asset Management (NRAM), which manages the state owned assets of Northern Rock following its 2008 nationalisation. It said the original decision would have cost it £258 million in redress for poorly worded loan documents.

NRAM plc Reports Consolidated Earnings Results for the Year Ended March 31, 2015

NRAM plc reported consolidated earnings results for the year ended March 31, 2015. For the year, the company reported net interest income of GBP 891.4 million compared to GBP 1,318.7 million a year ago. Net operating income was GBP 576.2 million compared to GBP 1,177.5 million a year ago. Profit before taxation was GBP 558.9 million compared to GBP 1,055.2 million a year ago. Profit for the financial period was GBP 442.2 million compared to GBP 819.6 million a year ago. Net cash generated from operating activities was GBP 171.9 million compared to GBP 648.9 million a year ago. Purchases of property, plant and equipment were GBP 0.4 million.

Northern Rock and Bradford & Bingley Receive Expressions Of Interest

UK Asset Resolution (UKAR), which is selling off the loans of bailed-out NRAM plc and Bradford & Bingley plc, said in April it was selling the portfolio, named Granite, along with its mortgage servicing operations, aiming to speed up the repayment of taxpayers' money. "We have had indicative expressions of interest on both transactions from several parties," UKAR Chief Executive Richard Banks told Reuters.

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