The so-called “bad banks” of nationalised lender Northern Rock and Bradford & Bingley are to merge under proposals confirmed today.

They are set to be brought under one holding company with a single management team, although the body charged with looking after Government bank assets stressed that customers did not need to take any action.

Each will retain its own balance sheet within the new overarching company, but the process will be “extensive” and there is no firm timetable for the merger.

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