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Former Northern Rock FD gets £270,000 payout

THE FORMER finance director of Northern Rock is to receive £270,000 following the sale of the nationalised bank to Virgin Money.

The payment to Jim Conville, which was revealed by the Guardian as a result of a Freedom of Information Act request, relates to a long-term incentive plan (LTIP), put in place in April 2010.

The payout, to be made in two payments in 2013 and 2014, is likely to be confirmed in Northern Rock’s next annual report.
UK Financial Investments, the body that looks after the bailed-out banks, decided to make payments to McConville of between £155,000 to £160,000 in 2010 and between £110,000 to £115,000 in 2011.

Northern Rock was sold to Virgin Money in January this year for £747m.

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