The company remains in temporary public ownership and is authorised and regulated by the FSA as a mortgage provider.

It will hold and continue to service a residential mortgage book of approximately £50bn and a portfolio of personal unsecured loan accounts of around £4.5bn.

Over 90% of the mortgages held by the company are fully performing and are not in arrears.

The portfolio includes the company's residual interest in those mortgages which have been sold to the Granite securitisation programme and the Northern Rock covered bond programme (totalling approximately £38bn).

The company will no longer undertake any new mortgage lending.

Story provided by Business Financial Newswire