Commission approves UK rescue aid package for Bradford & Bingley

01 October 2008

The Commission authorised the UK authorities' package of measures for Bradford & Bingley. UK authorities have given a commitment to submit a restructuring plan by March 2009.

The Commission authorised the UK authorities' package of measures for Bradford & Bingley. The UK authorities have committed to submit a restructuring and/or liquidation plan within six months.

 

The bank had fallen into difficulties and its licence to accept deposits was withdrawn by the UK Financial Services Authority. On 29 September the UK communicated the details of the measures including the nationalisation and winding down of the bank, the sale of Bradford & Bingley's retail deposit book and branches along with a matching cash element to Abbey National, the provision of a working capital facility and guarantee arrangements.

 

UK authorities have given a commitment to submit a restructuring plan for Bradford & Bingley to the Commission by 29 March 2009.

 

Press release

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