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UK Asset Resolution

Question for Treasury

UIN 226544, tabled on 27 February 2019

To ask the Chancellor of the Exchequer, what assessment his Department has conducted of the (a) credentials and (b) status as active mortgage lenders of groups and companies which have purchased former Northern Rock mortgages and loans at sales undertaken by UK Asset Resolution (UKAR) since 2015.

Answered on

7 March 2019

For each asset sale UKAR undertakes due diligence on sale participants.

Both active and non-active lenders are invited to participate in these sales to ensure a competitive process. Government and UKAR do not discriminate on bidders based on their lender status and, in relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, to date, UKAR has not received a bid from an active lender that covers the full portfolio of assets being sold.

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