LONDON Oct 4 The British government has resumed
the sale of a failed bank's 15.65 billion pound ($20 billion)
mortgage portfolio after it was delayed in the aftermath of the
country's vote to leave the European Union, sources familiar
with the sale said on Tuesday.
UK Asset Resolution, which is selling off the Bradford &
Bingley loans, is planning to send out non-disclosure agreements
to prospective bidders this week, the sources said.
This comes after the government put on hold plans to sell
stakes in bailed-out banks Royal Bank of Scotland,
Lloyds Banking Group and the Bradford & Bingley
mortgage book in the aftermath of the Brexit vote because of
"We have received the necessary approvals and can confirm
that we have launched the first phase of a program of asset
sales," UK Asset Resolution said in a statement.
"This process remains commercially sensitive and there is
nothing more we can say at this time."
The government has so far only managed to recoup just over
half of the 133 billion pounds it spent rescuing the banks.
Bradford & Bingley said last month it would borrow almost 3
billion pounds from the UK Treasury to replace expensive
existing debts, paving the way for its sale to resume by making
its assets more appealing.
There is no indication yet when the government will be able
to resume selling its stakes in RBS and Lloyds.
The Treasury currently owns 73 percent of RBS and 9 percent
($1 = 0.7849 pounds)
(Reporting by Andrew MacAskill; Editing by Mark Potter)