Press Release: State aid: Commission approves UK rescue aid package for Bradford & Bingley

The European Commission authorised, under EC Treaty state aid rules, the UK authorities' package of measures designed to ensure financial stability, protect retail depositors and support the orderly winding down of Bradford & Bingley, the UK mortgage bank. The Commission was in contact with the UK authorities over the week-end to support in the design of measures that could comply with competition rules. It received a formal notification on 30 September, and was able to decide within 24 hours that the state aid measures comply with EU rules on rescue aid. The UK authorities have committed to submit a restructuring and/or liquidation plan within six months, which will be examined by the Commission under its rules on restructuring aid.