UK Asset Resolution deal with Cerberus Capital Management thought to be the largest-ever financial asset sale by a European governmentThe government has sold £13bn worth of Northern Rock mortgages to the US private fairness Cerberus Capital Management.
UK Asset Resolution (Ukar),the “putrid bank” created in 2010 to run down the loans in Northern Rock and Bradford & Bingley, said the sale would include residential mortgages and unsecured loans from the legacy book of Northern Rock Asset Management (NRAM).
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Source: theguardian.com