{"id":91388,"date":"2018-04-26T06:02:58","date_gmt":"2018-04-26T06:02:58","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=ddc6571db673b578826931745a8df089"},"modified":"2018-04-26T06:02:58","modified_gmt":"2018-04-26T06:02:58","slug":"news-story-bradford-bingley-mortgages-sale-to-return-5-3-billion-to-uk-taxpayers","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=91388","title":{"rendered":"News story: Bradford &amp; Bingley mortgages sale to return \u00a35.3 billion to UK taxpayers"},"content":{"rendered":"<div class=\"govspeak\">\n<p>A \u00a35.3 billion sale of Bradford &amp; Bingley (<abbr title=\"Bradford &amp; Bingley\">B&amp;B<\/abbr>) mortgages acquired by the taxpayer during the financial crisis has been authorised by the Chancellor, Philip Hammond. The sale will enable the full repayment of the Financial Services Compensation Scheme (<abbr title=\"Financial Services Compensation Scheme\">FSCS<\/abbr>) loan to <abbr title=\"Bradford &amp; Bingley\">B&amp;B<\/abbr>, marking a major milestone in the plan to recover taxpayers\u2019 money.<\/p>\n<p>Following a highly competitive auction, two portfolios of mortgages will be sold to an investor group led by Barclays Bank PLC. The proceeds from this sale will be used to repay the <abbr title=\"Financial Services Compensation Scheme\">FSCS<\/abbr>\u2019s loan to <abbr title=\"Bradford &amp; Bingley\">B&amp;B<\/abbr> in full and in turn reduce the national debt.<\/p>\n<p>There will be no changes to the terms and conditions of the mortgages sold. Borrowers do not need to take any action.<\/p>\n<p>The Chancellor, Philip Hammond said:<\/p>\n<blockquote>\n<p>We are determined to recover the money the taxpayer invested during the financial crisis as soon as we can. The sale of these Bradford &amp; Bingley loans is yet another significant step in putting the crisis behind us.<\/p>\n<p class=\"last-child\">The proceeds of this sale will go towards reducing our national debt and securing a brighter future for the next generation.<\/p>\n<\/blockquote>\n<p><abbr title=\"Bradford &amp; Bingley\">B&amp;B<\/abbr>\u2019s and NRAM Limited\u2019s (formerly part of Northern Rock) closed loan books are managed by UK Asset Resolution (<abbr title=\"UK Asset Resolution\">UKAR<\/abbr>) on behalf of the taxpayer. Following today\u2019s (26 April 2018) transaction, <abbr title=\"UK Asset Resolution\">UKAR<\/abbr> now owns c.\u00a314 billion worth of assets, down from \u00a321 billion in September 2017 and from \u00a3116 billion in 2010.<\/p>\n<p>This sale will raise sufficient funds for <abbr title=\"Bradford &amp; Bingley\">B&amp;B<\/abbr> to repay its loan from the <abbr title=\"Financial Services Compensation Scheme\">FSCS<\/abbr> &#8211; made at the time of nationalisation to finance the transfer of customers\u2019 deposits to Santander UK &#8211; which will, in turn, allow the <abbr title=\"Financial Services Compensation Scheme\">FSCS<\/abbr> to repay its own loan from HM Treasury. Repayment of these loans will end the need for a special levy on deposit-taking banks and marks the end of a legacy of the 2008 financial crisis.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A \u00a35.3 billion sale of Bradford &amp; Bingley (B&amp;B) mortgages acquired by the taxpayer during the financial crisis has been authorised by the Chancellor.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/91388"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=91388"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/91388\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=91388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=91388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=91388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}