UKAR repays £6.2bn to taxpayers
BRITAIN’S “bad bank”, which is running down the loans of two bailed out lenders, today revealed that it had repaid £6.2bn to the Government in the 15 months to March 2014, chipping away at a total owed of eight times that amount.
UK Asset Resolution (UKAR), a state-run ‘zombie bank’ that does not take on new business, said it had so far returned a total of £10.4bn to the Government. It owed £48.7bn when it was created in October 2010.
UKAR, Britain’s eighth-biggest mortgage lender, is winding down the loans of Northern Rock and Bradford & Bingley, which were nationalised in the run-up to the 2008 financial crisis.