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Wind down of failed lenders moves a step closer

The government has sold off an ?860m mortgage portfolio owned by
collapsed lenders Bradford & Bingley and Northern Rock.
Sky News revealed a week ago how specialist life insurer Rothesay Life was the frontrunner to buy the equity release mortgages from UK Asset Resolution (UKAR).
That is the body, formed by the Treasury in 2009, which manages so-called "bad bank" assets from failed lenders.The pair were nationalised in 2008.The sale of the portfolio, launched in June, marks a continuation of UKAR's efforts to shrink itself into non-existence, a process it hopes to conclude by 2021.It now holds around €13bn worth of assets - down from €116bn in 2010.
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