Northern Rock Foundation
THE Northern Rock Foundation is an independent charity set up by Northern Rock when the bank was floated on the stock market in 1997, with a covenant to devote 5% of its profits to the foundation. This arrangement was terminated when Northern Rock was nationalised in 2007. However, the Foundation will still receive £15m a year in 2008, 2009 and 2010 from Northern Rock, as part of the arrangement under which the bank was taken into temporary public ownership.
Over the past 10 years, the Northern Rock Foundation has awarded grants and provided substantial support to numerous charities, sports, arts and heritage projects in the North East and Cumbria.
Northern Rock Foundation
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