September 30, 2008 / 10:26 AM / 9 years ago

EU says received UK Bradford & Bingley rescue plan

BRUSSELS, Sept 30 (Reuters) - The European Commission received on Tuesday notification from the British authorities of their rescue package for mortgage lender Bradford & Bingley BB.L, the EU competition and state aid regulator said.

“The Commission intends to adopt a decision very, very quickly. I cannot give any comment on the substance of the measures in the plan,” Commission spokesman Jonathan Todd said. After intense weekend talks failed to find an outright buyer, the Treasury said on Monday it would take over B&B’s 50 billion pounds ($90.12 billion) mortgage portfolio and sell its deposits and branches to Spanish bank Santander.

The notification begins the process under which the Commission will check the plan to see if it complies with competition rules in the 27-nation bloc. (Reporting by Darren Ennis)

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