Nationalisation

All shares in Bradford & Bingley were transferred to the Treasury at 8am on 29 September 2008.

On 18 December 2008, Parliament issued the Bradford & Bingley Compensation Scheme Order which includes the details of the compensation scheme for determining the amount of any compensation payable to persons who held Bradford & Bingley shares immediately before they were transferred into public ownership.

The scheme proposed provides for the Treasury to appoint an independent valuer who will set his own procedures for valuing the amount of any compensation payable. In conducting his valuation, he will be required by legislation to assume that at the time that Bradford & Bingley was taken into public ownership public support had been withdrawn and no further public support would be provided.

Following a competitive selection process run by the Treasury, on 24 June 2009 it appointed Mr Peter Clokey, a partner in the Valuation Group of the Corporate Finance Division of PricewaterhouseCoopers LLP (“PwC”), as the independent valuer. He will be assisted in his task by a group from PwC’s Financial Services Valuation team. Further details are available at www.hm-treasury.gov.uk/valuer.

The valuation process is not a process in which Bradford & Bingley has any involvement (other than providing information to the valuer when requested). Once any further information is published by the Treasury, it will be made available on our website.

For more information click here.