UK Asset Resolution (UKAR), also known as Britain's 'bad bank', announced that they have agreed to the sale of a Northern Rock portfolio. The Northern Rock loans will be sold to the U.S. private equity firm, J.C. Flowers and to debt recovery business, Marlin Financial. The portfolio was tagged at GBP400 million or US$615 million. UKAR will sell the portfolio's active loans to OneSavings Bank and the remainder will belong to Marlin. The amounts of the transactions were not disclosed. OneSavings Bank is a small regional lender owned by JC Flowers.

UKAR, a zombie bank, no longer takes in new business and is currently winding down loans of Bradford & Bingley and Northern Rock. Both companies were nationalized until the 2008 financial crisis. The company said that they are accelerating the run-off for loan by selling the portfolios when they can. UKAR also said that the sale of the portfolio formed part of a process to maximize value for taxpayers. The bank mentioned that the sale will not affect the set terms and conditions for the loan of the 140,000 customers affected.