| Year ended 31 December | | 2009
(note 3) | 2008
(note 1& 2) | 2007 | 2006 | 2005 |
|---|
| Net interest income |
£m |
612.4 |
737.4 |
547.7 |
510.2 |
469.3 |
|---|
| Net operating income |
£m |
622.6 |
886.7 |
572.3 |
609.4 |
572.5 |
|---|
| Ongoing expenses |
£m |
137.1 |
253.2 |
280.2 |
271.6 |
264.8 |
|---|
| Loan impairment loss |
£m |
593.7 |
507.7 |
22.5 |
7.4 |
5.7 |
|---|
| (Loss)/profit before tax |
£m |
(196.0) |
134.3 |
126.0 |
246.7 |
263.5 |
|---|
| Net interest margin |
% |
1.29 |
1.46 |
1.10 |
1.19 |
1.21 |
|---|
| Cost:asset ratio |
% |
0.29 |
0.50 |
0.56 |
0.64 |
0.68 |
|---|
| Total mortgage assets |
£m |
38,986.2 |
41,826.0 |
40,444.5 |
36,131.7 |
31,127.2 |
|---|
| Total residential mortgage assets |
£m |
38,167.3 |
40,967.3 |
39,422.3 |
31,134.7 |
26,115.9 |
|---|
| Total savings balances |
£m |
- |
- |
20,988.0 |
19,674.6 |
17,661.3 |
|---|
| Tier 1 capital |
£m |
1,714.8 |
1,793.7 |
1,436.9 |
1,545.1 |
1,491.9 |
|---|
| Tier 1 ratio |
% |
8.7 |
8.9 |
8.6 |
7.6 |
7.8 |
|---|
| Total capital ratio |
% |
16.1 |
14.9 |
15.1 |
13.2 |
13.4 |
|---|
| Risk weighted assets |
£bn |
19.8 |
20.2 |
16.7 |
20.4 |
19.1 |
|---|
Note 1: On 29th September 2008 HM Treasury took ownership of Bradford & Bingley and sold the UK and Isle of Man retail deposit business to Abbey National plc.
Note 2: On 27 March 2009, Bradford & Bingley submitted its Business Plan and application for State Aid to the European Commission, in accordance with state aid rules after having been taken into public ownership on 29 September 2008. This Business Plan outlined the Group's objectives to repay HM Treasury and the Financial Services Compensation Scheme (FSCS) as soon as market conditions allow, and protect taxpayers, whilst treating customers and creditors fairly. A summary of the Business Plan is available at www.bbg.co.uk.
Note 3: On 25 January 2010 the European Commission approved the Business Plan and application for State Aid, a decision that ratifies the strategy and approach that is outlined in the Business Plan and is an essential requirement that will help the Group achieve its business objectives.