June 5, 2019 / 6:37 AM / 3 months ago

UK 'bad bank' repays last of crisis-era loans

June 5 (Reuters) - The ‘bad bank’ set up by Britain to manage more than 100 billion pounds ($127.17 billion) of assets from two lenders that collapsed during the financial crisis has repaid the last of the 48.7 billion pounds used to fund the bailouts.

UK Asset Resolution (UKAR), owned by Britain’s Treasury, said on Wednesday it had fully ended the loan, several years earlier than had been expected.

The assets consist mainly of loans from mortgage lender Bradford & Bingley and bank Northern Rock.

“I am delighted that, in under ten years, we have been able to repay in full the government loan of £48.7 billion,” UKAR Chief Executive Ian Hares said.

The repayment marks one of the last remaining milestones in the British government’s interventions during the last financial crisis, with only its stake in Royal Bank of Scotland remaining among the major bailouts it undertook.

“Looking forward, we are focussed on the disposal of the remaining Government investments in NRAM and B&B,” Hares added. ($1 = 0.7863 pounds) (Reporting by Lawrence White in London, additional reporting by Muvija M in Bangalore; Editing by Saumyadeb Chakrabarty)

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