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Current Accounts

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Date: Monday 12 May 2008

LONDON (ShareCast) - Northern Rock reported an increase in arrears but said that solid progress has been made against its business plan.

More difficult economic and market conditions, combined with a shrinking mortgage book, have contributed to increased arrears levels. Mortgages 3 months and over in arrears totalled 0.95% at the end of April compared with 0.57% at 31 December.

However, executive chairman Ron Sandler said the credit quality of the loan book remains satisfactory and at a level assumed in the plan.

As previously reported, the size of the Bank of England loan facilities stood at £24.1bn at 31 March 2008, having been reduced from £26.9bn at the end of 2007. The loan facilities are continuing to be repaid in line with expectations, the group said.

Gross residential mortgage lending in the first quarter was a modest £1.2bn. Looking ahead, the company plans to gradually increase new mortgage origination while remaining significantly below historical levels.

Staff numbers are likely to be reduced by around 2,000 by the end of 2011, with the majority of this reduction likely to occur this year.

“While recent actions taken by central banks to improve the functioning of financial markets are welcomed by Northern Rock, the outlook for the UK mortgage industry remains highly uncertain. The company does not expect market conditions to normalise in the short term,” said the mortgage lender.

“This environment presents Northern Rock with challenges, especially as regards the company's ability to meet its targeted mortgage redemption levels in the future. Nevertheless, given this backdrop, the company's progress against its plan to date is encouraging,” it added.

• News Channel