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Profits rise at treasury-owned 'bad bank' UKAR

Profits have risen at UKAR, the Treasury-owned organisation set up to take on the unwanted mortgage book from Northern Rock and Bradford and Bingley, by £186m, according to figures released today.

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UKAR 'expects to repay £38.8bn debt in full'

UKAR, the Treasury-owned company set up to wind down the mortgage books of failed lenders Northern Rock and Bradford & Bingley, says the Government should get back £38.8 billion it is still owed.

The company has already repaid £10.4 billion since 2010, including £5.1 billion in the 15 months up to March 31st of this year.

Announcing the positive results, UKAR said: "A lot of good work has been achieved to date and we expect to repay the remaining £38.3 billion debt in full."

The company said rising housing prices coupled with low interest rates had been "good news for out customers".

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