Granite is classified to the public sector while Northern Rock is in public ownership

The Office of National Statistics (ONS) recognised that Granite is a separate legal entity from Northern Rock, but considered that for the purpose of the National Accounts it should be consolidated with the company because Northern Rock is the economic beneficiary of the securitisation. The consequence is that both Northern Rock and Granite are temporarily consolidated in the public sector for the purpose of the National Accounts. The ONS decision mirrors that of the accounting treatment of Granite in Northern Rock's group annual report and accounts.