Northern Rock loses £232m

Nationalised UK lender Northern Rock said today it was paying staff £13.1m (€15.2m) in bonuses for 2010 despite posting a multimillion-pound loss for the year.

Most of the bank’s 4,500 staff, who on average earn £25,000 a year, will receive a payout of around 10% of their salary. Executive chairman Ron Sandler, who is paid £250,000 a year, is not eligible for a 2010 bonus.