UK Asset Resolution (UKAR) is a British financial services holding company with headquarters in the West Yorkshire village of Crossflatts (near Bradford & Bingley's former headquarters in Bingley).[1] It was established in October 2010 as a bad bank to hold the two run-off elements, Bradford & Bingley (including the Mortgage Express brand) and NRAM plc (previously known as Northern Rock Asset Management), of the two nationalised banks during the 2008 financial crisis.
Having completed the disposal of the final mortgage books in October 2021, UKAR now has no employees. It remains a government-owned entity, with PricewaterhouseCoopers handling any activities that arise as it is wound down.
History
On 22 June 2012 Virgin Money, owners of the Northern Rock bank, acquired the remainder of the NRAM Gosforth site, and the following month UKAR sold £465 million of mortgages from the NRAM portfolio to Virgin.[2]