Lower take-up for B&B and Northern liability exercises
The take-up rate on the second liability management exercises on Northern Rock Asset Management (NRAM) and Bradford & Bingley debt was much lower than on the first ones, according to the results released on Monday.
On average, 46% of investors participated in the NRAM exercise while 69% participated in the B&B. This was in contrast with the June exercises where the take-up was 90% and 84% respectively.
The participation rate was in line with what we had been expecting, said one of the
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