Northern Rock makes €16m bonus payout as it cuts losses

Northern Rock today said it was paying staff £14.9m (€16.3m) in bonuses after losses narrowed last year.

The bank reported a pre-tax shortfall of £257.5m (€282.9m) for the 12 months to December 31, compared with a £1.36bn (€1.49bn) loss in 2008.