Written question asked by Chris Leslie (Labour) on Wednesday, 23 November 2011, in the House of Commons. It was due for an answer on Friday, 25 November 2011. It was answered by Mark Hoban (Conservative) on Wednesday, 11 January 2012 on behalf of the Treasury.
Northern Rock plc
- Question
- To ask the Chancellor of the Exchequer when the first coupon payment on the new convertible debt in the sale of Northern Rock is due to be paid; and what further receipts he expects in each of the next three years.
- Answer
-
Virgin Money issued to HM Treasury, on completion of the sale on 1 January 2012, Tier 1 Capital Notes with a par value of £150 million and a coupon of 10.5%.The Capital Notes are designed to be CRD IV compliant. In order to be compliant, the coupon will have to be conditional. The coupon on the Capital Notes will be conditional in several ways; for example Virgin Money would be unable to pay interest if it had insufficient distributable reserves or if, after payment of such interest, it would not meet its capital resources requirement.Interest accrues from the first anniversary of the issue of this debt, and the first interest payment is expected to be made in 2013.
Secondary information
- Type
- Written question
- Reference
- 83460; 538 c302-3W
- Session
- 2010-12
- Subjects
- Northern Rock plc
- Link
- View this Written question on www.publications.parliament.uk
Librarians' tools
- Timestamp
- 2013-11-20 05:08:12 +0000
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