UK Asset Resolution (UKAR), the so-called ‘bad bank’, repaid a further £3.3bn to taxpayers during the last year.
UKAR, which holds the mortgage assets of Northern Rock and Bradford & Bingley, has repaid £23.7bn to the Treasury since 2010.
Its balance sheet, which stood at £116bn in 2010, has been reduced significantly and now stands at £34.3bn. Repayments of £39.7bn have been made whilst £27.2bn worth of loans have been sold. The total number of mortgage accounts is now down to 158,000.
Ian Hares, chief executive of UKAR, said: “I am pleased with the progress made during the year. In the first half, we completed the transfer of our mortgage servicing operations to Computershare, ensuring continuity of service for customers.
“We also repaid all outstanding secured funding on the B&B and NRAM Balance Sheets, enabling further asset sales, and in March we agreed the first phase of a programme to repay the FSCS loan extended to B&B. These actions are major steps towards realising our objective of reducing the Balance Sheet while continuing to maximise value for the taxpayer.”