Taxpayers face a multi-billion pound bill with the forced nationalisation of Bradford & Bingley this morning.
The country's biggest buy-to-let lender will follow Northern Rock into public ownership after becoming the latest casualty of the worst economic downturn since the Great Depression.
The best bits of the bank - £22billion in savings accounts and 200 branches - will be sold to a rival institution, with Spanish bank Santander last night announcing it had struck such a deal.
The move would saddle the state with B&B's increasingly toxic £41billion mortgage book. Its home loans might even be merged with those held by Northern Rock.
Read more...
Once again The government has ripped off britain on a massive scale. The profitable bits sold to the spanish and the UK taxpayer landed with billions of pounds of debt!!!
Showing posts with label Bradford and Bingley. Show all posts
Showing posts with label Bradford and Bingley. Show all posts
Monday, September 29, 2008
Sunday, September 28, 2008
Treasury To Nationalise Bradford And Bingley Bank
THE Treasury was poised last night to nationalise Bradford & Bingley (B&B), the troubled mortgage bank.
In an attempt to try to avoid a rerun of the Northern Rock debacle the government plans to hold an immediate fire sale to sell off B&B’s assets to one or more banks.
The Spanish banking giant Santander was in talks last night about its potential role in the rescue. Another buyer could be HSBC.
Although the Financial Services Authority had been trying to find a single white-knight bidder to take over B&B’s loans in their entirety, Britain’s big banks refused to get involved.
Read more...
In an attempt to try to avoid a rerun of the Northern Rock debacle the government plans to hold an immediate fire sale to sell off B&B’s assets to one or more banks.
The Spanish banking giant Santander was in talks last night about its potential role in the rescue. Another buyer could be HSBC.
Although the Financial Services Authority had been trying to find a single white-knight bidder to take over B&B’s loans in their entirety, Britain’s big banks refused to get involved.
Read more...
Saturday, September 27, 2008
Is Bradford & Bingley on brink of bail-out? Ministers plan 'superbank' merged with Northern Rock
Bradford & Bingley could be nationalised to save it from collapse.
Ministers are considering a dramatic plan to merge it with Northern Rock to create a publicly-owned ‘superbank’.
Sources stressed that depositors’ cash would be guaranteed by the Government. The desperate rescue scheme emerged at the end of another tumultuous week in the global financial crisis.
Read more...
Ministers are considering a dramatic plan to merge it with Northern Rock to create a publicly-owned ‘superbank’.
Sources stressed that depositors’ cash would be guaranteed by the Government. The desperate rescue scheme emerged at the end of another tumultuous week in the global financial crisis.
Read more...
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