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Ukfi Hires Ubs Banker To Run Down 'bad Bank' Loans

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http://uk.reuters.com/article/2013/07/08/uk-banks-ukfi-hire-idUKBRE9670DH20130708

The body charged with handling Britain's stakes in lenders has hired a senior banker from UBS (UBSN.VX) to manage its holdings in the 'bad bank' books of Northern Rock and Bradford & Bingley.

UK Financial Investments (UKFI) said Christopher Fox, who was UBS's head of UK banks coverage and head of the financial institutions group for the Middle East and Asia based in London, had joined on Monday.

The loan books of Northern Rock and B&B, both nationalised in 2008, are together called UK Asset Resolution (UKAR). UKAR is a 'zombie bank' that does not take new business, and still has to repay the government 43.4 billion pounds.

It paid back 4 billion pounds last year as customers repaid loans or the term of their mortgage ended, and has said it expects to repay all of the funds over the next decade.

I wonder what he'll be getting paid for this, being a nurse maid to bad loans can't be that difficult either people pay the loans back or they don't.

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http://uk.reuters.co...E9670DH20130708

I wonder what he'll be getting paid for this, being a nurse maid to bad loans can't be that difficult either people pay the loans back or they don't.

thats about 350,000 mortgages on the books...assuming they are all the assets he is looking after.

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  • 246 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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