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FSA formed contingency plan over B&B

The FSA held talks with the UK’s largest banks to formulate a contingency plan in case the Bradford & Bingley rights issue had fallen through, according to press reports.

Financial News says senior FSA executives met with chairmen and chief executives of the UK’s big clearing banks between 28 May and 1 June when B&B announced that its planned rights issue might be in trouble.

Though the contingency plan was not required it is reported that Barclays, HBOS, HSBC, Lloyds TSB and Royal Bank of Scotland agreed to provide £20m each of sub-underwriting to the deal.

The FSA is refusing to comment on the situation.

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