In the spirit of a game of Monopoly, where a "bank error in your favour" has occurred, some of Northern Rock's customers are to receive an unexpected windfall.
Reuters reports that Northern Rock Asset Management, the state-owned remnant of defunct lender Northern Rock plc, is refunding £270M of interest payments to approximately 152,000 customers.
Northern Rock failed for some reason to make mandatory disclosures in loan documentation and customer letters in 2008. The mistakes pre-date the separation of Northern Rock plc and Northern Rock Asset Management.
There is of course a downside, the refund according to Treasury Economic Secretary Sajid Javid is "likely to increase public sector net borrowing for 2012/2013".