HM Treasury

Consultations & legislation

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

10 March 2009

The closing date for applications for the position of independent valuer has now passed. Mr Clokey has been appointed. This page is being retained for reference only.

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 other specified persons affected by the transfer).

Further details on what is involved and how to apply can be found in the application brief which is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.

The closing date for applications is 7 April 2009. Shortlisted applicants will be invited to make a presentation to a selection panel in May.

Anyone considering applying for the position of independent valuer may seek further information by email to valuer.enquiries@hm-treasury.gov.uk no later than 1 April 2009. Any further information which is provided is likely to be appended to this web page for the benefit of all potential applicants.

Information for applicants

Additional legislation

On 26 March 2009 an Order came into force, which amends the Bradford & Bingley plc Compensation Scheme Order 2008. The Order makes provision enabling the valuer appointed for the purposes of the Compensation Scheme to apply to the court for an order compelling a person to supply to the valuer information reasonably required for the purposes of assessing the amount of any compensation payable by the Treasury. The Order also makes provision for the treatment of information obtained by the valuer during the course of the valuation exercise and makes a further amendment to the Order in consequence of provisions of the Bradford & Bingley plc Transfer of Securities and Property etc (Amendment) Order 2009.

The relevant legislation can be found at Banking (Special Provisions) Act 2008 and associated orders

Further information

Paragraph 57 of the brief for applicants invites questions seeking clarification of any aspects of brief and states that any such information provided, or a summary of this information, will be published on the Treasury web site, for the benefit of other potential applicants.

The majority of the questions that have been submitted have sought confirmation of various aspects of the brief.  However, the following sets out new information provided, which may be of interest to other potential applicants.

Information for shareholders

Pending the appointment of the independent valuer, former shareholders should refer to http://www.bbg.co.uk/bbg/ir/shareservices/shareholding for information, in particular in the event of changes of personal details.

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