Shareholders who lost all their money when Bradford and Bingly was taken over by the government in 2008 have been told that there will be no compensation.  Peter Clokey who was appointed by the Treasury to assess whether there should be any pay-out has concluded that the bank had no value when it was taken over.

Had the goverment not intervened the bank would have gone into administration and once debts and charges had been paid there would have been no surplus for shareholders.

The shareholder action group have been fighting for a payment of 100p per share claiming that the bank was adequately capitalised and solvent when it was taken over by the government at the height of the financial crisis in 2008.

The shareholder group is now seeing whether it has any ground for appeal.