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Northern Rock plc is a British asset holding and management company which was split away from the Northern Rock bank in 2010. It is currently under public ownership, due to the bank's nationalisation in 2008. The company continues to service a residential mortgage book of approximately £50 billion.Virgin Money now own the "good bank" side of Northern Rock plc, however the government have said that they will not be selling Northern Rock .HistoryNorthern Rock plc was renamed from Northern Rock plc on 31 December 2009, and the following day the banking assets were split off into a new company called Northern Rock plc. Therefore the current legal entity which exists as Northern Rock company is in fact the company of the Northern Rock Building Society which turned into a bank in 1997.On 14 September 2007, during the financial crisis of 2007–2010, the Bank sought and received a liquidity support facility from the Bank of England, following problems in the credit markets caused by the US subprime mortgage financial crisis. At 00:01 on 22 February 2008 the bank was taken into state ownership . The nationalisation was a result of two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of taxpayers' money. To better control the assets of the bank it was decided to split the company in two, forming the new bank and leaving this company as the so-called 'bad-bank'.