House of Lords written question – answered at on 31 January 2012.
To ask Her Majesty's Government whether, and if so when, former shareholders of Bradford and Bingley will be refunded for the value of their former shareholding.
To ask Her Majesty's Government whether they intend to refund former shareholders of Bradford and Bingley for losses sustained when the company was taken into public ownership.
Following the transfer of Bradford and Bingley into public ownership, the previous Government made the Bradford and Bingley plc Compensation Scheme Order 2008.
The order provided that each shareholder should receive compensation equal to the value of his shares immediately before they were taken into public ownership. The amount of compensation would be assessed by an independent valuer.
Peter Clokey was appointed as the independent valuer. On
Subsequently, shareholders referred Mr Clokey's decision to the upper tribunal. The tribunal has yet to decide that appeal.
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