Huge payoff for Rock chief

The former boss of Northern Rock will be entitled to a £760,000 (€954,300) payoff despite the bank being rescued by the Government, it was confirmed today.

Adam Applegarth, who stepped down as chief executive of the mortgage lender in December, could receive £63,333 (€79,500) a month for up to a year under the severance deal, the nationalised lender’s 2007 annual report said.