Ex-UBS boss hired to wind down Northern Rock loans

Tim Wallace
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FORMER UBS banker Christopher Fox was yesterday appointed to run UK Asset Resolution (UKAR), the agency running down the bad bank parts of bailed out lenders like Northern Rock and Bradford and Bingley.

The role was previously held by ex-Santander banker Keith Morgan, who left the job last year.

Since then UKFI boss Jim O’Neil has held the position. But it is believed O’Neil is too busy preparing the sale of the state’s stake in Lloyds to manage UKAR too, and so has recruited UBS’s ex-head of UK banks coverage for the job.

UKAR reduced its balance sheet from £110.9bn at the end of 2010, the year it was founded, to £86.9bn by the end of 2012. And it paid back £5.2bn of funding by the end 2012.

“The management of the stake in UKAR continues to be a high priority for UKFI and I’m sure Christopher will strengthen our existing good relationships with UKAR,” said UKFI chair Robin Budenberg.