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Banco Santander purchased Bradford & Bingley's $36 billion deposit business and 200 branch offices, which British Chancellor of the Exchequer Alistair Darling said would maintain "business as usual" The Times of London reported.

The government, however, took ownership of the bank's $74 billion mortgage portfolio, its treasury assets and wholesale liabilities, The Times reported.

Darling said taxpayers would be out $32 billion, most of it in a loan to the Financial Services Compensation Scheme, which ensures deposits.

Shareholders have likely lost their investment but depositors' money "remains absolutely safe and secure", the Treasury said.

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