PwC to manage remnants of Britain's 'bad bank'


LONDON (Reuters) - Consultancy PwC has been appointed to run the remnants of Britain's 'bad bank' that snapped up assets from collapsed lenders Northern Rock and Bradford & Bingley in the financial crisis.

The auditor, criticised by politicians for failing to flag problems at Northern Rock in audits prior to its failure in 2007, has been awarded a 16.5 million pound ($20 million) contract to manage UK Asset Resolution's (UKAR) remaining business, according to a government contract notice posted online.

The Financial Times first reported the PwC appointment, including criticism from a senior politician of the choice.

UKAR, owned by the British Treasury, was set up to manage more than 100 billion pounds of assets from the two failed lenders.

Following a string of asset sales, UKAR's balance sheet was slashed to 8 billion pounds by April this year and it was later able to repay the last of the 48.7 billion pound of state loans it used to fund the bailouts.

A UKAR spokesman said the organisation would retain responsibility for the holding company.

"Using the Official Journal of the EU (OJEU) process, we have agreed to outsource this work to PwC once UKAR has completed its objective," the spokesman said.

PwC said it was unable to comment on client work.

Original Article



Commodities,3643,Economic Indicators,2484,Economy,8405,Forex,2073,Politics,2889,Sports,8983,Stock Markets,16854,Tech,4216,World News,2101,
Business, Financial News and U.S, International Breaking News and more | ReutersHerald: PwC to manage remnants of Britain's 'bad bank'
PwC to manage remnants of Britain's 'bad bank'
Business, Financial News and U.S, International Breaking News and more | ReutersHerald
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy