The UK government said that mortgage bank Bradford & Bingley is being nationalized after investors and lenders lost confidence in the group, leaving it unable to continue funding its operations. The bank's retail deposit business and branch network is being sold to Banco Santander's Abbey division for 612 million pounds ($1.12 billion), while the remaining assets and liabilities, including its roughly 42 billion pound mortgage book, will be taken into public ownership.
The governments of Belgium, the Netherlands and Luxembourg launched an 11.2 billion euro ($16.4 billion) rescue for Fortis, acting after confidence in the banking and insurance group evaporated and potential bidders reportedly walked away from a deal. The three governments agreed to inject capital to buy 49% interests in Fortis-owned banking subsidiaries operating in each of their jurisdictions.
A consortium of lenders offered a lifeline to Germany's Hypo Real Estate.
The Icelandic government came to the rescue of Glitnir, buying a 75% stake in the country's third-largest lender for 600 million euros.
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