Nationalised bank purchasing exempt from OJEU rules

7 November 2008
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07 November 2008 | Jake Kanter

Purchasers in nationalised financial services firms will not be expected to comply with European purchasing rules.

This means companies such as Northern Rock and Bradford & Bingley, which are now under public ownership, will be exempt from OJEU regulations unlike other public sector bodies. A spokesman for the Treasury said the banks will be held "at arm's length" and will be responsible for their own strategies.

Earlier this week chancellor Alistair Darling launched UK Financial Investments Limited (UKFI), an independent firm that will manage the government's bank shareholdings. UKFI's objectives will include protecting and creating value for the taxpayer.



SMnov2008

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