Hints of Northern Rock, B&B merger

* Richard Pym, chairman of Bradford & Bingley, also to chair Northern Rock Asset Management (the new "bad bank")  for joint £250,000 salary
* Gary Hoffman, chief executive of Northern Rock also to be chief executive of Northern Rock Asset Management
* Ron Sandler's salary for new "good bank" Northern Rock reduced from £350,000 to £250,000
* Mike Fairey (ex Lloyds TSB); Mark Pain (ex Abbey National); Mary Phibbs (Standard Chartered) appointed non exec directors of "new " Northern Rock
* Tom Scholar (HM Treasury's nark) and John Devaney to step down as non execs on 1 January
* NRAM will have assets of £50 billion
* NR will have assets of £10 billion - described as high-quality mortgages
* B&B and NRAM will continue to run down their mortgage books.
COMMENT : Observers believe this exercise will eventually show a profit for the Government. Shareholdeers are still denied compensation or their shares back.