The European Commission (Commission) took only 24 hours to approve rescue aid to support the UK savings and mortgage bank Bradford & Bingley. The events in the financial markets have had a serious impact on the bank’s liquidity and in September 2008, the UK Financial Services Authority withdrew Bradford & Bingley's licence to accept deposits. The UK government announced the nationalisation of Bradford & Bingley on 29 September 2008 and formally notified the Commission of the rescue measures on 30 September 2008. These measures include: the winding-down of the bank; the sale of the bank's retail deposit book and branches together with a matching cash element to Abbey National; the provision of a working capital facility; and a guarantee. On 1 October 2008, the Commission took a decision stating that the State funding to enable the sale of the deposit book, the working capital facility and guarantee constitute State aid, but the sale of the retail deposit business did not as the buyer paid the market price. The aid measures were authorised as rescue aid in line with the Commission’s Guidelines on Rescue and Restructuring Aid. The UK authorities have given a commitment to submit a restructuring plan by 29 March 2009.