The Independent Valuer
Q1: What was the role of the Independent Valuer? Back to top
A: The Independent Valuer’s role was to determine the amount of any compensation payable by HM Treasury to the persons specified in the Northern Rock plc Compensation Scheme Order 2008. The Independent Valuer conducted a fair, open and independent valuation under the Northern Rock plc Compensation Scheme.
Q2: How was the Independent Valuer appointed? Back to top
A: The appointment was made by HM Treasury, following a competitive tender, 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), Christopher Gardner QC and Louise Tulett (Director of Finance, Procurement and Operations, HM Treasury). The appointment was made under the terms of the Northern Rock plc Compensation Scheme Order 2008:
http://www.opsi.gov.uk/si/si2008/pdf/uksi_20080718_en.pdf
Q3: When was the Independent Valuer appointed? Back to top
A: Andrew Caldwell, Valuations Partner at BDO LLP, was appointed as the Independent Valuer under the Northern Rock plc Compensation Scheme Order 2008 on 8 September 2008.
The appointment was made by HM Treasury, following a competitive tender, 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), Christopher Gardner QC and Louise Tulett (Director of Finance, Procurement and Operations, HM Treasury).
The appointment was made under the terms of the Northern Rock plc Compensation Scheme Order 2008:
http://www.opsi.gov.uk/si/si2008/pdf/uksi_20080718_en.pdf
Q4: How much has the Independent Valuer been paid to complete this work? Back to top
A: The Independent Valuer was appointed to complete the valuation for a fee of £4.5 million, including his advisers’ fees and other costs, subject to that fee being varied to take account of any additional work reasonably undertaken where the assumptions under which the Independent Valuer was appointed were not met in practice, or other circumstances arose which could not have been reasonably foreseen.
Q5: Would I have received the money that was payable to the Independent Valuer as part of fee? Back to top
A: No. The two are entirely separate. The Independent Valuer's fee was unrelated to the valuation or its outcome.
This is not a Northern Rock website. Northern Rock plc is not responsible for nor has it approved the content of this website. This website is owned by BDO LLP. Its purpose is to provide information to former shareholders and other interested parties regarding the work of the independent valuer under the Northern Rock Compensation Scheme.