June 3, 2014 / 6:48 AM / in 5 years

UK's 'bad bank' repays 6.2 billion to taxpayers

Pedestrians walk past a branch of Bradford and Bingley, in central London August 29, 2008. REUTERS/Stephen Hird

LONDON (Reuters) - Britain’s “bad bank”, which is running down the loans of two bailed out lenders, said on Tuesday it repaid 6.2 billion pounds to the government in the 15 months to March 2014, chipping away at a total owed of eight times that amount.

UK Asset Resolution (UKAR), a state-run ‘zombie bank’ that does not take on new business, said it had so far returned a total of 10.4 billion pounds to the government. It owed 48.7 billion pounds when it was created in October 2010.

UKAR, Britain’s eighth-biggest mortgage lender, is winding down the loans of Northern Rock and Bradford & Bingley, two former building societies which became banks before they were nationalised after hitting trouble during the financial crisis.

Reporting by Matt Scuffham; Editing by Chris Vellacott

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