The Mail on Sunday discloses a confidential bonus scheme for 173 staff out of a workforce of 6,000. here are some of the senior beneficiaries.
In a letter to senior staff ( which outlines what is effectively a scheme of golden handcuffs) on December 20, chief executive Andy Kuipers said the bank's board of directors had agreed "an enhanced remuneration package" for employees deemed "essential to our continuing excellent operational performance".
He said they will receive a bonus amounting to a quarter of their gross annual salary every three months – effectively doubling their pay if they are paid the bonus for a year.
Apparently approved by the Treasury payouts in December 2007 alone amounted to a total of £2.3million - less tax.
Brian Giles, Northern Rock's ( lack of ) communications director – who also received £25,000 – said: "We never comment on confidential internal matters."
Later, having thought about his job more carefully, he called back the Mail on Sunday to say: "As part of the company's stabilisation process (!!!!!!), it has implemented a retention policy for a number of staff with particular technical or specialist skills.
"They are deemed essential to the immediate and ongoing stability and operational effectiveness of the company. (Well known business principal the guys who dug, and got you into the hole are the ideal one's to get you out of it...just pay them a bit more).
"The board considers this to be responsible and prudent business practice, particularly given our current situation,(Just as they thought securitisation of the loan book, SIV's and the whole Palace of Varieties way of running the bank was "responsible and prudent business practice") and is a matter on which the tripartite authorities have been fully appraised."
Yet, curiously Newcastle United, sponsored by the same company, have a very very different way of dealing with non-performing employees .. such as Fat Sam.
We woud of course all like to see if there are any special payments to the Buy to Let staff...maybe they are just benefits in kind ... as in what kind of designer dress would you like me to buy you dear.