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Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Documents (Series 1) Browse by Media Type 2008 Ensuring financial stability for Bradford & Bingley plc United Kingdom: HM Treasury Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation United Kingdom: HM Treasury, "Ensuring financial stability for Bradford & Bingley plc" (2008). YPFS Documents (Series 1). 9821. https://elischolar.library.yale.edu/ypfs-documents/9821 This Document is brought to you for free and open access by the Browse by Media Type at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in YPFS Documents (Series 1) by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact elischolar@yale.edu. Home >  Newsroom & speeches >  HM Treasury news > Ensuring financial stability for Bradford & Bingley plcEnsuring financial stability for Bradford & Bingley plcOn 27 September 2008, the Financial Services Authority ruled that Bradford & Bingley no longer met the threshold requiredfor banks to operate in the UK. In response, the Treasury took steps to maintain stability in the financial services market,protect depositors in Bradford & Bingley, and to assure the continued stability of the bank.On 29 September, the Chancellor of the Exchequer, Alistair Darling, announced that Bradford & Bingley’s mortgage businesswould be brought into public ownership and its savings division, including its branches, would be transferred to AbbeyNational; part of Spanish banking group Santander.In accordance with these measures, staff at Bradford & Bingley’s headquarters and its mortgage centre will transfer to thepublic sector. The Chancellor also announced that there will be no further job cuts for these staff over the  next six months,beyond those cuts already declared by the bankManagement of the Government’s shareholding in Bradford & Bingley has now been transferred to UK Financial InvestmentsLimited (UKFI). UKFI is a company established, and wholly owned, by the Government to manage its shareholdings infinancial institutions at arm’s length and on a commercial basis.More details of the announcements can be found in these HM Treasury press notices:PN97/09 Bradford & Bingley plcPN98/09 Government Guarantee Arrangements : Bradford & Bingley plcPN25/09 Tender for independent valuer to assess any compensation payablePN31/09 Statement on the Government Guarantee arrangements for Bradford and BingleyPN60/09 Appointment of independent valuer to assess any compensation payableA copy of the transfer order is available on the Office of Public Sector Information website by following these links:The Transfer Order (PDF)The Explanatory Memorandum to the Transfer Order (PDF)Letter from the Paul Myners Financial Services Secretary to Stephen Haddrill Director General ABI 26February 2009 (PDF 948KB) regarding the Bradford & Bingley plc Transfer of Securities and Property etc.Newsroom & speechesWe use cookies to improve services and ensure they work for you. Read our cookie policy. Close

Ensuring financial stability for Bradford & Bingley plc

https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=10869&context=ypfs-documents

Ensuring financial stability for Bradford & Bingley plc

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