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Northern Rock charity reviews aid Northern Rock charity reviews aid
(about 6 hours later)
The charitable arm of Northern Rock is scaling back planned donations because of doubts over the bank's future.The charitable arm of Northern Rock is scaling back planned donations because of doubts over the bank's future.
The Northern Rock Foundation has donated more than £190m since 1997 and receives 5% of the bank's profits.The Northern Rock Foundation has donated more than £190m since 1997 and receives 5% of the bank's profits.
But as it announced a further £2.2m in grants to charities in Northumberland, Teesside and Cumbria, it warned there were uncertainties about future funds. But as it announced a further £2.2m in grants to charities in Northumberland, Wearside and Cumbria, it warned there were uncertainties about future funds.
A spokesman said budgets would be "under review" until the bank's future was resolved.A spokesman said budgets would be "under review" until the bank's future was resolved.
The latest grants include £150,000 to Northumberland-based Barnabas Safe and Sound, to purchase a building to house young people in Morpeth.The latest grants include £150,000 to Northumberland-based Barnabas Safe and Sound, to purchase a building to house young people in Morpeth.
Almost £93,000 is going to the mental health charity Mind in Barrow, Cumbria.Almost £93,000 is going to the mental health charity Mind in Barrow, Cumbria.
Budget reviewBudget review
A substance abuse charity in east Durham is also receiving £45,000 to fund a parent support worker.A substance abuse charity in east Durham is also receiving £45,000 to fund a parent support worker.
A spokesman for the foundation said: "These grants demonstrate the foundation's continuing commitment to tackling disadvantage and improving quality of life in North East England and Cumbria.A spokesman for the foundation said: "These grants demonstrate the foundation's continuing commitment to tackling disadvantage and improving quality of life in North East England and Cumbria.
"There are currently uncertainties about the foundation's future level of income."There are currently uncertainties about the foundation's future level of income.
"In these circumstances, the trustees have decided that it is prudent to scale back their planned expenditure."In these circumstances, the trustees have decided that it is prudent to scale back their planned expenditure.
"They will keep their budgets under review until the situation becomes clearer.""They will keep their budgets under review until the situation becomes clearer."
Earlier this month the foundation urged shareholders to ensure any takeover offer for the Northern Rock was "fair and reasonable". Earlier this month the foundation urged shareholders to ensure any takeover offer for Northern Rock was "fair and reasonable".
The foundation has a 15% stake in the Newcastle-based bank and could lose millions if it is sold off cheaply.The foundation has a 15% stake in the Newcastle-based bank and could lose millions if it is sold off cheaply.
Northern Rock got into financial difficulty last month and was forced to ask the Bank of England for emergency funding.Northern Rock got into financial difficulty last month and was forced to ask the Bank of England for emergency funding.