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(Reuters) – The "bad bank" created by Britain to handle more than 100 billion pounds of badets from two lenders that collapsed during the financial crisis has repaid the last of 48.7 billion pounds used to finance the rescue plans.
UK Asset Resolution (ukar), which is owned by the British Treasury, announced Wednesday that it had completely ended the loan several years earlier than planned.
The badets consist primarily of borrowings from mortgage lender Bradford & Bingley and Northern Rock Bank.
"I am delighted to see that in less than ten years we have been able to fully repay the government loan of £ 48.7 billion", ukar Chief Executive Ian Hares said.
The repayment is one of the last milestones for UK government intervention in the last financial crisis, with only its stake in Royal Bank of Scotland being one of the major rescue operations it has undertaken.
"In the future, we are focusing on selling the latest government investments in NRAM and B & B, "added Hares.
(Lawrence White report in London, additional report by Muvija M in Bangalore, edited by Saumyadeb Chakrabarty)
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