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Critical milestones for Project Emily

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

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  1. 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

  2. Critical milestone

  3. 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

  4. 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)

  5. Executive holidays GAH RAB DAJ RDH RS AMT ADM AT

  6. Stakeholder / State Aid Executive owner: RAB State Aid approves viable bank – 9th September 1

  7. Stakeholder / State Aid Executive owner: <JF> Guernsey Regulator Approval – 30th September 2

  8. Stakeholder / State Aid Executive owner: RDH FSA sign-off – 30 September (1 of 2) 3

  9. Stakeholder / State Aid Executive owner: RDH FSA sign-off – 30 September (2 of 2) 3

  10. Stakeholder / State Aid Executive owner: JF Ireland Regulator Approval – 15th August 4

  11. 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

  12. Stakeholder / State Aid Executive owner: DAJ Capital injection into BankCo – 31 October 6

  13. Day 1 Design Executive owner: RAB Design decisions signed off by HMT/ShEx – 24 August 7

  14. Day 1 Design Executive owner: RAB Operating Guide signed-off by ED1OC – 15 September 8

  15. Critical Processes Executive owner: <AMT> Mission-critical process dry-runs completed – 30 September 9

  16. Critical Processes Executive owner: <AMT> Operational Readiness Completed– 23 OctoberLogical Data Separation (1 of 4) 10

  17. Critical Processes Executive owner: <RS> Operational Readiness Completed– 23 OctoberDelivery of Critical Training ( 2 of 4) 10

  18. Critical Processes Executive owner: <AMT> Operational Readiness Completed– 23 OctoberResourcing (3 of 4) 10

  19. Critical Processes Executive owner: AMT Operational Readiness Completed– 23 OctoberImplementation Dress Rehearsals (4 of 4) 10

  20. Critical Processes Executive owner: RDH Day 1 operations ‘go-live’ processes approved – 11 September 11

  21. People Executive owner: RAB TUPE process completed – 23 September 12

  22. People Executive owner: <RS> Pension Set-Up finalised – 30th October 13

  23. People Executive owner: GAH Boards announced – 1 October 14

  24. People Executive owner: RS Contracts in place with all colleagues – 2 November 15

  25. People Executive owner: GAH Leadership teams, control functions and committees established – 15 October 16

  26. Comms Executive owner: RAB Prioritised communications plan agreed – 30 September 17

  27. Resourcing Executive owner: RAB Lock in required resources – 15 August 18

  28. Other Executive owner: JF Critical Licenses and memberships – 21 September 19

  29. Other Executive owner: JF 3rd party contracts established – 30 September 20

  30. Other Executive owner: JF Transfer back agreement – 30 September 21

  31. Other Executive owner: ADM Deposit guarantee announcement – tbc 22

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