Lloyds TSB's £12 billion ($22.2 billion) takeover of HBOS averted a Northern Rock-style run on the bank and has, at least for now, secured the performance of the troubled bank's securitization deals.

As market conditions deteriorate, it's likely that U.K. lender Bradford & Bingley (B&B) may have to consider a similar type of merger to get its deals out of trouble.

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