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UKAR continues to make 'strong progress', says chief executive
The Bingley-based holding company for the Government-owned businesses of Bradford & Bingley and Northern Rock (Asset Management), has repaid a further £788 million in Government loans in the first half of this year.
UK Asset Resolution, which today announced its half year results for the six months up to June 30, has reduced the total amount owed to the Government down to £45.8 billion.
The first six months of 2012 also saw UKAR pay £391 million to Government in the form of interest, fees and corporation tax, while mortgage accounts three or more months in arrears have reduced by nine per cent since the start of 2012.
Chief executive Richard Banks said: “We have made strong progress in the first half with further repayments to the Government.
“Much of our focus is on helping those of our customers who are in financial difficulty and it is pleasing to see a further significant reduction in arrears levels despite the continued economic uncertainty and pressure on consumers’ finances.”