UK Nationalizes Housing Via Acquisition Of Mortgage Lender Bradford & Bingley
Monday, 6. October 2008, 00:05:10
Jane Croft and Kate Burgess and George Parker report in September 26, 2008 Financial Times article that the government confirmed it was nationalizing Bradford & Bingley after hammering out a deal with the Spanish bank Santander, which will buy the embattled UK mortgage lender's £21 billion deposit book and branch network for about £600 million.
"The bank was taken into public ownership on Monday after B&B saw retail savers withdraw 'tens of millions of pounds' in recent days as uncertainty grew.
"In a statement, the Treasury said it had taken the decision in order 'to maintain financial stability and protect depositors, while minimising the exposure to taxpayers. [The government] has worked over the weekend to bring about the part public, part private solution which best meets those objectives.'"
"The bank was taken into public ownership on Monday after B&B saw retail savers withdraw 'tens of millions of pounds' in recent days as uncertainty grew.
"In a statement, the Treasury said it had taken the decision in order 'to maintain financial stability and protect depositors, while minimising the exposure to taxpayers. [The government] has worked over the weekend to bring about the part public, part private solution which best meets those objectives.'"
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