Bradford and Bingley is to be split in two. The Spanish get the worthwhile but. The UK taxpayer all the problems, which as the FT says creates the possibility that :

[T]he nationalisation of Bradford & Bingley [might] effectively lead to the creation of a UK "bad bank" which would be able to absorb any future UK bank or building society failures

Alastair darling could not have managed a worse outcome if he'd put months of effort into it.

Reward a bank in another country.

Put all the cost on the UK taxpayer and eliminate any upside potential. Ensure state ownership looks as bad as possible.

It takes real skill to get things that wrong.

And it could have been so different.