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| Version 0 | Version 1 |
|---|---|
| Treasury to nationalise B&B bank | Treasury to nationalise B&B bank |
| (10 minutes later) | |
| Troubled bank Bradford & Bingley is to be nationalised, the BBC has learned. | Troubled bank Bradford & Bingley is to be nationalised, the BBC has learned. |
| Officials from the Treasury and the Financial Services Authority (FSA) have been in talks with executives from the bank in a bid to secure its future. | Officials from the Treasury and the Financial Services Authority (FSA) have been in talks with executives from the bank in a bid to secure its future. |
| BBC News business editor Robert Peston says the Treasury will almost instantaneously sell to a bank, or a number of banks. | BBC News business editor Robert Peston says the Treasury will almost instantaneously sell to a bank, or a number of banks. |
| B&B's share price has plummeted and it has announced plans to cut 370 jobs due to the downturn in the mortgage market. | B&B's share price has plummeted and it has announced plans to cut 370 jobs due to the downturn in the mortgage market. |
| Home loans | Home loans |
| The bank will be nationalised using special legislation the Treasury put through when it took Northern Rock into public ownership earlier this year. | The bank will be nationalised using special legislation the Treasury put through when it took Northern Rock into public ownership earlier this year. |
| The measure is expected be announced on Sunday night or Monday morning. | The measure is expected be announced on Sunday night or Monday morning. |
| The Treasury and FSA will negotiate with banks interested in buying parts of B&B. Possible buyers included Santander of Spain, HSBC and Barclays. | The Treasury and FSA will negotiate with banks interested in buying parts of B&B. Possible buyers included Santander of Spain, HSBC and Barclays. |
| Santander, which already owns Abbey and Alliance & Leicester, has been looking at B&B for some time. | |
| B&B's £50bn of loans, including £41bn of home mortgages, will not be sold and will be nationalised on a long-term basis. | B&B's £50bn of loans, including £41bn of home mortgages, will not be sold and will be nationalised on a long-term basis. |
| The bank experienced significant withdrawals of cash from its branches and online bank on Saturday amid customer concerns about its situation. | |
| The Treasury's decision to sell B&B's savings business means that depositors and savers' money should be safe. | |
| However, B&B's shareholders and holders of its subordinated debt may lose out. |