Why was Bradford & Bingley transferred into public ownership?
Ultimately, this is a question for Her Majesty’s Treasury but, in the absence of the Transfer Order I believe that Bradford & Bingley would not have been able to access the funds it needed to replace those which had been – and were likely to continue to be – consumed by cash outflows. The bank was transferred to protect the interests of its savings, mortgage and retail customers, creditors and the stability of the UK financial system.
Related Questions
- If the branch network and retail deposit business of Bradford & Bingley was transferred to Abbey (now Santander) for a financial consideration, why wasn this distributed among shareholders?
- Do you intend to provide some background as to why Northern Rock was transferred into temporary public ownership, instead of sold to the private sector?
- Is taxation different if ownership of a company (or other entity) owning real estate is transferred?
