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European Commission approves B&B and Dunfermline restructure

The European Commission has approved the restructuring of Bradford & Bingley and Dunfermline Building Society.

The Government guarantee arrangements for B&B, which were announced on September 29 2009, have been approved by the Commission as part of the restructuring plan and will remain in place until the wind down of B&B is complete.

In September 2008 B&B was taken into public ownership after the FSA declared the bank in breach of its threshold conditions for operating as a deposit-taker.

The retail deposit business was transferred to Abbey/Santander and the remainder of the business was retained in public ownership, to be wound down over time.

In March 2009 the Government submitted a restructuring plan to the EC for B&B, setting out the orderly wind down of the bank.

Also in March 2009, Dunfermline’s retail and wholesale deposits, branches, head office and originated residential mortgages and social housing portfolio were transferred to Nationwide Building under the Banking Act 2009.

The remainder of Dunfermline’s business was placed in special administration and is being wound down over time.

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