FSA fines and bans former Northern Rock deputy CEO

The Financial Services Authority today fined the following:

"David Baker, former deputy chief executive of Northern Rock Plc (NR), £504,000 and Richard Barclay, former managing credit director at NR, £140,000..."

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Northern Rock launches new fixed rate bond issue

Northern Rock is launching a new issue of its Fixed Rate Bond:

"Offering a competitive rate for a minimum deposit of £1. The new Fixed Rate Bond (Issue 389) will be available to open from today (Friday, 09 April 2010)..."

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Northern Rock cuts mortgage rates to help first-time buyers

Northern Rock today announces rate reductions that make it easier for first-time buyers to get on the property ladder:

"Everyday range 2 Year Fixed rates for borrowers with a 15% deposit start from 5.49% (previously 6.69%) with a product fee, or 5.99% (previously 7.19%) without a product fee..."

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Northern Rock announce £257m loss

Northern Rock announce loss of £257 million in 2009, down from £1.4 billion in 2008:

"Reduced statutory loss before tax of £257 million in 2009, down from £1.4 billion in 2008 (Underlying loss before tax of £383 million compared with £1.3 billion in 2008)..."

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Northern Rock reduces selected mortgage rates

Northern Rock will reduce some of its mortgage product rates today:

"Selected residential 2 Year Fixed rates will be reduced by as much as 0.40%, and selected residential 2 Year Trackers will reduce by 0.10%..."

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