Bradford nationalization

At the end of September 2008, Bradford & Bingley, the UK’s leading mortgage bank, ran into financial difficulties in the wake of the subprime crisis; a solidarity action by English banks in the summer of the same year fizzled out. The British government then took over the institution’s loan books, which were worth over GBP 40 billion. The branch network and the deposits of the 2.7 million customers were passed on to the Spanish Banco Santander, which has its registered offices in the northern Spanish city of Santander and its headquarters near Madrid. Previously, the Spanish financial house had already taken over the faltering British bank Alliance & Leicester for around GBP 1.3 billion. Santander thus became the third-largest bank in Great Britain, to the great displeasure of Englishmen. In October 2008, Banco Santander had 65 million customers in more than forty countries around the world and was number one in the euro zone. In Germany, it acquired CC-Bank in 1987 and merged with AKB Privat- und Handelsbank in 2002. Santander thus became the largest producer-independent car banker in Germany. – See supervisory liability, autobank, bail-out, bank triage, money market operations, Fortis rescue, money lender of last resort, Hypo Real Estate rescue, moral hazard, Northern Rock debacle, sovereign liability, trust.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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