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Darling to announce bail-out plan this afternoon

Chancellor Alistair Darling may announce Treasury plans to take shareholdings in the biggest high street banks if the financial markets worsen today.

Darling is making a statement to the House of Common at 3.30pm this afternoon about the Treasury’s plans to give the banks billion of pounds in exchange for shares.

The chancellor hinted at the plans on Sunday when he said was “looking at some pretty big steps which we would not take in ordinary times”. According to press reports, the bailout scheme would mean individual banks need not explain how the money is spent, but taxpayers could stand to profit when the banks recover.


Lehman chief berated over huge exec bonuses

The US House Oversight and Government Reform Committee has attacked Lehman Brothers chief executive Richard Fuld for authorising huge bonuses for departing exec-utives in the run-up to the bank’s collapse.

Iceland trade unions urged to bolster liquidity

Iceland’s trade unions are being urged to repatriate foreign assets to shore up extra funding for the country’s financial system.Pension funds are being asked to repatriate foreign assets as the Central Bank looks to strengthen foreign exchange reserves.Last week, the Icelandic government nationalised the country’s third largest bank, Glitnir, sending the local Krona currency into […]


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