The government has sold £13 billion worth of former Northern Rock mortgages that were bought by the taxpayer during the financial crisis in what is believed to be the single largest asset sale by a European government.
The mortgages were held by UK Asset Resolution (UKAR), the so-called "bad bank" set up in 2010 to run down loans created by Northern Rock and Bradford & Bingley. The mortgages are being sold to US investment firm Celebrus for £280 million above their book value.
Chancellor George Osborne said: "We are now clear that taxpayers will get back more money from Northern Rock than they were forced to put in during the financial crisis."
Following the sale, the government will have sold 85% of the Northern Rock assets it bought it 2007, marking the started of the financial crisis in the UK.
