UK Asset Resolution Ltd., the institution responsible for managing the closed mortgage books of Bradford & Bingley Plc and NRAM Ltd., launched a further asset sales process in October, following the sale of two separate B&B asset portfolios earlier in April.
The transaction is expected to complete during the first half of the 2018-2019 financial year and, subject to market conditions and value for money, will enable the repayment of the remaining £4.7 billion in debt owed to the U.K. Financial Services Compensation Scheme, the company said Nov. 30 as it released its results for the six months to the end of September.
The April sale of the portfolios, to Prudential Plc and funds managed by Blackstone Group LP, yielded proceeds that repaid approximately £11.0 billion of the £15.7 billion loan extended by the FSCS as part of B&B's rescue in 2008.
UKAR CEO Ian Hares previously said the company expected to fully repay the FSCS loan by March 2018.
UKAR reported statutory pretax profit of £216.8 million for the six months ended Sept. 30. The company said it has repaid £36.8 billion in debts since its formation in 2010, and that 76% of government loans have now been repaid.
