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| Version 0 | Version 1 |
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| Rock pledges to repay taxpayers | Rock pledges to repay taxpayers |
| (about 1 hour later) | |
| Newly-nationalised bank Northern Rock will promise to repay its £24bn state loan by 2010, the BBC has learned. | |
| Its accounts for 2007, due to be published later, will reveal the size of the controversial pay-off to former chief executive Adam Applegarth. | Its accounts for 2007, due to be published later, will reveal the size of the controversial pay-off to former chief executive Adam Applegarth. |
| They are also thought to show Northern Rock made a loss of around £150m. | They are also thought to show Northern Rock made a loss of around £150m. |
| The bank will assure rivals that it will not exploit its state ownership and is to pledge that its products will never top "best-buy" tables. | The bank will assure rivals that it will not exploit its state ownership and is to pledge that its products will never top "best-buy" tables. |
| Severance payments | Severance payments |
| Northern Rock had to be rescued by the Bank of England in September 2007 after coming close to insolvency. | Northern Rock had to be rescued by the Bank of England in September 2007 after coming close to insolvency. |
| However, the Rock is expected to make a commitment to repay all of those taxpayer-backed loans. | However, the Rock is expected to make a commitment to repay all of those taxpayer-backed loans. |
| BBC business editor Robert Peston said any severance payments to Mr Applegarth were always likely to provoke controversy, but added that the £760,000 he understood that Mr Applegarth would receive is less than his contractual entitlement. | BBC business editor Robert Peston said any severance payments to Mr Applegarth were always likely to provoke controversy, but added that the £760,000 he understood that Mr Applegarth would receive is less than his contractual entitlement. |
| One contributor to the bank's loss was just under £50m of payments to City firms and professional advisers, incurred by it and the government when it was struggling to avoid nationalisation. | One contributor to the bank's loss was just under £50m of payments to City firms and professional advisers, incurred by it and the government when it was struggling to avoid nationalisation. |