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Split. Critical milestones for Project Emily. 3. 9 th : State Aid approves viable bank. 1. Stakeholder / State Aid. 5. 6. 30 th : FSA sign-off. 9 th : Transfer order laid in Parliament. 31 st : Capital injection into BankCo. 2. 30 th : Guernsey approval. 4. 30 th: Ireland approval.

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critical milestones for project emily

Split

Critical milestones for Project Emily

3

9th: State Aid approves viable bank

1

Stakeholder / State Aid

5

6

30th: FSA sign-off

9th: Transfer order laid in Parliament

31st: Capital injection into BankCo

2

30th: Guernsey approval

4

30th: Ireland approval

Day 1 Design

8

7

24th: Design decisions signed-off by HMT/ShEx

9th: Operating guide signed-off by ExCo

30th: Mission-critical process dry-runs completed

23rd: Operational

Readiness completed

10

9

Critical Processes

11th: Day 1 ‘go-live’ processes approved

11

~2nd: Contracts in place with all colleagues

15

People

12

14

13

~15th: TUPE consultation finishes

~1st: Boards announced

~30tht: Pension set-up finalised

~30th: Leadership teams,

control functions and committees

announced

16

Comms

17

~4th: Prioritised communication plan

Resourcing

18

~15th: Lock in required resources

20

30th: Third party contracts established

22

Other

19

21

tbc: Deposit guarantee announcement

21st : Critical licences and memberships set-up

30th: Transfer back agreement finalised

14th:SteerCo

Critical meetings

7th:Board

23rd: Board

7th:FSA Panel

28th:Board

critical board meetings and high level agendas
Critical Board meetings and high-level agendas

Northern Rock Board

23 Sep (?)

By 7 Oct

By 28 Oct (am)

  • BankCo and AssetCo strategies
  • Transition plans
  • Approach to moving assets back to AssetCo
  • Governance arrangements for BankCo and AssetCo
  • Agree whether to recommend to HMT to place transfer order
  • Agree to delegate final go/no go decision on 31 October weekend to CEO
  • (Agree whether to recommend announcement of retail deposit guarantee release)

‘Shadow’ Boards

By 28 Oct (pm)

  • Assumes fully inducted
  • Ratify membership of board committees
  • Sign memorandum of understanding to transfer assets back (tbc)
  • Sign SLAs and transitional services (tbc)

Note: Excludes ED1OC / Emily SteerCo / ExCo

go no go criteria for october northern rock board meetings
Go/no-go criteria for October Northern Rock Board meetings

7 October Board

28 October Board

Approvals granted:

  • State Aid approved
  • FSA BankCo approval granted
  • FSA sign-off on MIPRU achievement on track
  • Ireland passport status resolved
  • Guernsey regulatory agreement reached

Operations on-track:

  • Operating Guide signed off by ExCo
  • Mission Critical processes dry-runs successfully completed and signed of by ExCo
  • Pensions set-up agreed for BankCo and AssetCo
  • TUPE consultation completed
  • Agreed that able to bring assets back to AssetCo
  • Critical licences and memberships obtained
  • Process to resolve third party legal contracts outside transfer order signed off by ExCo
  • Day 1 Go-live processes signed off by ExCo

Approvals granted:

  • Transfer Order laid
  • FSA sign-off on MIPRU achievement on track
  • Balance sheets of BankCo and AssetCo established
  • Contingent liquidity facilities in place
  • Government agreed to injection of capital

Operations on track:

  • ExCo members signed off that there is no reason not to split on 31 October
  • Leadership teams, Controlled Functions and Executive Committees established
  • Deposit guarantee release on track (if due at split)
executive holidays
Executive holidays

GAH

RAB

DAJ

RDH

RS

AMT

ADM

AT

transfer order laid in parliament 9 october

Stakeholder / State Aid

Executive owner:

JF

Transfer order laid in Parliament – 9 October

5

  • Does the T/O need to contain details of the asset split? If so, dates don’t work as the final split is due to after Sept month end and is 8th October currently and can’t go earlier as requires completion of month-end
  • If latest info on ministerial review a week prior is correct then this pushes back our Go / No Go
operational readiness completed 23 october delivery of critical training 2 of 4

Critical Processes

Executive owner:

<RS>

Operational Readiness Completed– 23 OctoberDelivery of Critical Training ( 2 of 4)

10

leadership teams control functions and committees established 15 october

People

Executive owner:

GAH

Leadership teams, control functions and committees established – 15 October

16