Skip to content

On 8th October the government and the banks came to an emergency agreement to prevent financial meltdown. The government agreed to commit:

  • £50bn for bank recapitalisation
  • £200bn in short-term loans to boost liquidity
  • £250bn debt guarantee for inter-bank lending.

The banks committed themselves to – nothing.

A few days ago RBS and Lloyds TSB/HBOS alone claimed £31.5bn of public money. The final bill could come to £75bn