FSCS welcomes the sale of Bradford and Bingley assets
FSCS welcomes the deal led by Barclays Bank to purchase Bradford and Bingley (B&B) assets.
Commenting on the announcement by HM Treasury following the sale of further Bradford and Bingley assets, a spokesman for the Financial Services Compensation Scheme (FSCS) said:
"The Financial Services Compensation Scheme (FSCS) welcomes the deal led by Barclays Bank to purchase Bradford and Bingley (B&B) assets. This will pay off the remaining debt due to FSCS from B&B, enabling FSCS to make a corresponding repayment of the balance of its loan to HM Treasury, bringing an end to the legacy of the 2008 financial crisis.
“The FSCS was at the heart of responding to the banking crisis and compensated millions of people while paying out billions of pounds during 2008/09. After stepping in to fund the transfer of accounts of 2.5m depositors, at a cost of £15.65bn, FSCS will now repay its outstanding loan from the Treasury within ten years.”
HM Treasury announcement