Late yesterday, nationalized U.K. bank Northern Rock Plc, announced that it was deferring payment of coupons on some of its subordinated debt. Sources estimate the total outstanding value of the notes affected at about £1.65 billion ($2.7 billion) saving Northern Rock £130 million in 2009 by deferring the interest payments. The bank had just recently announced limited details on a proposed restructuring to split the bank into two entities.