Northern Rock's £270m blunder

Around 152,000 Northern Rock customers will receive hundreds of pounds each in refunds over incorrect paperwork in loan deals.

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  1. Laura Kuenssberg

Northern Rock £270m payment 'cauterises' problem

Just been speaking to the boss of UKAR (UK Asset Resolution Limited), including Northern Rock - says £270 million payment "cauterises" problem.

Fault was in Northern Rock's system - but not noticed until February last year during standard quality check.

He told me no one who might have made the error is still working there.

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