What was the Independent Valuers provisional view?
In December 2009, the Independent Valuer wrote to Affected Parties, setting out the approach he proposed to take to determine the amount of any compensation payable by HM Treasury and his provisional views on the valuation of Northern Rock and the amount of any compensation payable, based on that approach and the material he had reviewed and considered. The approach he proposed to take was to: • determine the assets that would need to be realised immediately prior to the Valuation Date to raise sufficient funds to repay the Bank of England funding; • on the basis that Northern Rock is unable to continue as a going concern and is in administration as at the Valuation Date, ascertain the amount of any surplus that would have been available for distribution to shareholders; and • determine the amount of any compensation payable by HM Treasury to persons affected by the transfer of Northern Rock into temporary public ownership. The Independent Valuer’s provisional view was that there would
