08:06:35 DI *DJ Nationwide B.S. Takes Ownership Of Dunfermline’ Retail Deposits
08:06:52 DI *DJ Nationwide B.S:. Retail Deposits Valued At GBP2,353M
08:07:28 DI *DJ Nationwide B.S.: Dunfermline Brand Will Remain
Statement:
Following the announcement by the Bank of England (30 March 2009), in relation to Dunfermline, Nationwide can confirm that it has taken ownership of Dunfermline’s:
* £2,353 million of retail deposits, representing the accounts of c.300,000 Dunfermline members;
* Dunfermline’s 34 branches and retail sites, and all related employees, plus Dunfermline’s head office at Dunfermline;
* Dunfermline’s £1,022 million prime mortgage lending book;
These assets were transferred to Nationwide under a statutory instrument made under the provisions of the Banking Act 2009.
The BoE conducted a sale process over the weekend under the new Special Resolution Regime. In other words, dear taxpayer, we’re left with the scraps from Nationwide’s table. Here’s Graham Beale, chief executive of Nationwide:…This transaction excludes high risk assets: commercial loans and some residential loans (including the acquired and equity release portfolios) were not transferred, and the transaction will enhance the overall value to Nationwide’s membership over the medium term.
Related link:
Bank of England statement