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25/09

10 March 2009

Bradford & Bingley plc Compensation Scheme: applications invited for appointment as independent valuer

The Treasury is inviting applications for the position of independent valuer to assess any compensation that may be payable to former holders of the shares in Bradford & Bingley plc that were transferred to the Treasury in September last year (and others affected by the transfer).

Further details on how to apply can be found at www.hm-treasury.gov.uk/valuer

The closing date for applications is 07 April 2009.  Shortlisted applicants will be invited to present to a selection panel in May 2009.

Notes for Editors

  1. The Treasury is appointing an independent valuer, through a competitive process, to assess any compensation that may be payable to those affected by the transfer of Bradford & Bingley plc to the Treasury in September 2008 (specified in Part 2 of the Bradford & Bingley plc Compensation Scheme Order 2008 (S.I. 2008/3249)). 
  2. A detailed brief for potential applicants is available at www.hm-treasury.gov.uk/valuer 
  3. The appointment will be made by HM Treasury Ministers on the recommendation of a panel comprising Michael Izza (Chief Executive of the Institute of Chartered Accountants of England and Wales), Anthony Fry (Senior Managing Director, Evercore Partnership), the Hon Christopher Gardner QC and Louise Tulett (Director of Finance, Procurement and Operations, HM Treasury). Mr Izza will chair the panel.   This is the same panel that recommended the appointment of the independent valuer for the purposes of the Northern Rock plc Compensation Scheme.
  4. A list of people who held shares immediately prior to the transfer is being maintained. They can update their contact details by following the instructions on: www.bbg.co.uk/bbg/ir/shareservices/shareholding.

Following the appointment process, the valuer is expected to set out the basis on which he or she is going to conduct the valuation exercise and rules of procedure in relation to the assessment. No further action is required at this stage by those who held Bradford & Bingley shares at the time of the transfer.

Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk.

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Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.

 

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