State aid approval for Bradford & Bingley rescue

European Commission notice that it has approved, under the EC State aid rules, on a temporary "rescue" basis pending a liquidation or restructuring plan (to be provided within six months), the funding provided by the UK Government to Bradford & Bingley's mortgage lending business. The Commission found that Santander (which bought the savings business) received no aid.

The European Commission's notice states that:

By September 2008, the bank had fallen into difficulties and its licence to accept deposits was withdrawn by the UK Financial Services Authority.

There is some more information on this at the bottom of this FSA/HM Treasury notice.

For further information or advice please contact Franck Latrémolière.

Filed under DG Competition.

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