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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bradford & Bing | LSE:BB. | London | Ordinary Share | GB0002228152 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 5861E HM Treasury 29 September 2008 Government Guarantee Arrangements : Bradford & Bingley plc The Chancellor of the Exchequer today has confirmed that, following advice from the Governor of the Bank of England and the Chairman of the FSA, HM Treasury has put in place, with immediate effect, guarantee arrangements to safeguard certain wholesale borrowings, and derivative transactions of and wholesale deposits with, Bradford & Bingley plc ("Bradford & Bingley") existing as at midnight on 28 September 2008. Arrangements will be put in place to ensure that Bradford & Bingley will pay an appropriate fee for the provision of these arrangements in order to ensure it does not receive a commercial advantage. Technical note: These notes set out in further detail the guarantee arrangements announced today by HM Treasury to safeguard certain wholesale borrowings, and derivative transactions of and wholesale deposits with, Bradford & Bingley. HM Treasury will ensure that unsecured and unsubordinated wholesale deposits and unsecured and unsubordinated wholesale borrowings, existing as at midnight on 28 September 2008 (the "relevant time") and any accumulated interest on them will be repaid when falling due. The guarantee arrangements also cover unsecured swap and other derivative contracts entered into by Bradford & Bingley existing as at the relevant time. In respect of all secured derivatives and all wholesale borrowings which are secured and which are existing at the relevant time, HM Treasury will guarantee the payment obligations of Bradford & Bingley to the extent that those obligations exceed the available proceeds of the realised security for the relevant derivative or borrowing. Repurchase and securities lending transactions and other transactions involving the creation of an economic effect equivalent to a security interest (with the exception of rights of set-off) will also be secured for these purposes. Where Bradford & Bingley or the counterparty of Bradford & Bingley may lawfully set off amounts owed by Bradford & Bingley against amounts owed by the counterparty to Bradford & Bingley or is entitled for any other reason to exercise rights of set-off or similar rights, payments under the guarantee arrangements will be of the net amount. The guarantee arrangements will cover all unsubordinated borrowings from and wholesale deposits with Bradford & Bingley made by Bradford & Bingley International Limited (Bradford & Bingley's Isle of Man subsidiary), and any other unsubordinated debt due from Bradford & Bingley to Bradford & Bingley International Limited, in each case in existence at the relevant time. The guarantee arrangements also include Bradford and Bingley's obligations in respect of its covered bonds. Exclusions from scope The scope of the guarantee arrangements means they will not extend to, amongst others, the following liabilities of Bradford & Bingley or its group: * securities issued pursuant to Bradford & Bingley's securitisation programme; * subordinated or other hybrid capital instruments; * liabilities owed by Bradford & Bingley to its subsidiary companies, save for those obligations referred to above owed to Bradford & Bingley International Limited; * any retail and wholesale deposits with and wholesale borrowing by or other liabilities (including, without limitation, liabilities pursuant to swap or other derivative transactions) of the subsidiaries of Bradford & Bingley; * liabilities of Bradford & Bingley which are not in respect of borrowing or financial indebtedness, for example trade creditors, salary payments to employees and tax liabilities; and * liabilities owed by Bradford & Bingley to the Financial Services Compensation Scheme. Continuation of the guarantee arrangements The continuation of these guarantee arrangements beyond six months will require the submission and approval of a restructuring plan in accordance with the European Commission's Rescue and Restructuring Guidelines. HM Treasury intends to submit such a plan shortly. This information is provided by RNS The company news service from the London Stock Exchange END STRILFFSAEIAFIT
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