EU approves Bradford and Bingley rescue
The European Commission on Wednesday approved British authorities' rescue of troubled lender Bradford & Bingley, ruling that it met EU state aid rules.
By Agencies |
BRUSSELS: The European Commission on Wednesday approved British authorities' rescue of troubled lender Bradford & Bingley, ruling that it met EU state aid rules.
"The European Commission has authorised ... the UK authorities' package of measures designed to ensure financial stability, protect retail depositors and support the orderly winding down of Bradford & Bingley," it said in a statement.
The British government announced Monday the nationalisation of Bradford & Bingley after the group ran up big losses due to turmoil in the credit and housing markets.
While its mortgage and loan book was taken over by the government, its savings business is to be sold to Spanish bank Santander.
"The European Commission has authorised ... the UK authorities' package of measures designed to ensure financial stability, protect retail depositors and support the orderly winding down of Bradford & Bingley," it said in a statement.
The British government announced Monday the nationalisation of Bradford & Bingley after the group ran up big losses due to turmoil in the credit and housing markets.
While its mortgage and loan book was taken over by the government, its savings business is to be sold to Spanish bank Santander.
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