Customers withdrew £200m from Bradford & Bingley on the Saturday morning in September ahead of its nationalisation on the Monday as customers took flight from the stricken buyto-let lender.

As speculation increased that B&B would have to be rescued by the taxpayer, withdrawals jumped from £26m on Thursday September 25 to £90m on Friday and £200m on Saturday, Richard Pym, B&B’s executive chairman, told the Treasury Select Committee yesterday.

The Financial Services Authority decided at an emergency meeting on Saturday 27 that B&B could not continue as an independent entity and telephoned Rod Kent, B&B’s then chairman, at 11.30am. The Government immediately started an auction to sell its savings book, which went to Spain’s Banco Santander, while its mortgage book was nationalised.

Daily Telegraph