The Northern Rock plc Compensation Scheme: Applications invited for appointment as independent valuer

The Treasury is inviting applications for the position of independent valuer to assess any compensation that may be payable as a result of the transfer of shares in Northern Rock plc to the Treasury earlier this year.

Further details on how to apply can be found at http://www.hm-treasury.gov.uk/valuer

The closing date for applications is 4 July 2008. Short listed applicants will be invited to present to a selection panel later in July.

Notes for editors

1. The Treasury is appointing an independent valuer, through a competitive process, to assess any compensation that may be payable under the Northern Rock plc Compensation Scheme Order 2008 to those affected by the transfer of Northern Rock to the Treasury on 22 February 2008.

2. A detailed brief for potential applicants is available at http://www.hm-treasury.gov.uk/valuer

3. The appointment will be made by HM Treasury Ministers on the recommendation of a panel comprising Michael Izza (Chief Executive of the Institute of Chartered Accountants of England and Wales), Anthony Fry, (Senior Managing Director, Evercore Partnership), Hon Christopher Gardner QC and Louise Tulett (Director of Finance, Procurement and Operations, HM Treasury). Mr Izza will chair the panel.

4. A list of people who held shares immediately prior to the transfer is being maintained. They can update their contact details by following the instructions on Northern Rock’s website. Following the appointment process, the valuer is expected to set out the basis on which he or she is going to operate and rules of procedure in relation to the assessment. No further action is required at this stage by those who held Northern Rock shares at the time of the transfer.

5. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk

6. This Press Release and other Treasury publications are available on the HM Treasury website. For the latest information from HM Treasury you can subscribe to our RSS feeds or email service.

7. Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.