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HM Treasury: Stewardship of the wholly-owned banks: buy-back of subordinated debt. Report by the Comptroller and Auditor General.

Secondary information

Type

House of Commons paper

Reference

HC 706 2010-11 

Session

2010-12

Author

National Audit Office

Notes

The National Audit Office's assessment of HM Treasury's buy-back of subordinated debt.The buy-back by taxpayer-owned banks, Northern Rock (Asset Management) and Bradford & Bingley, of £2.4 billion of their subordinated debt over the course of 2010 saved the taxpayer an estimated £1.5 billion at present value. Subordinated debt is debt that ranks after other loans in terms of pay-out in the event of liquidation.

Subjects

Debts Banks Government shareholding Loans Treasury Northern Rock Bradford and Bingley

Library location

Commons Library: CS 243

Contains statistics

Yes

ISBN

9780102969573

Link

View this House of Commons paper on www.nao.org.uk