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Settlement secures £15m a year for Northern Rock Foundation
By Helen Warrell, Third Sector Online, 18 February 2008
The Northern Rock Foundation will receive £15m a year for the next three years under the nationalisation settlement for its parent company, the mortgage lender Northern Rock.
Chancellor Alistair Darling, who outlined his plans for the bank yesterday, pledged that the foundation’s income would be set at the £15m minimum for the next three years, and would be paid directly by Northern Rock. He said the continuation of this agreement would be a condition of any sale...
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