UK Government announced a partial nationalisation of its banks today.
£50bn to shore up bank capital - with strings attached - through preferential shares.
£200bn to provide liquidity over 3 years at interest.
Potential £250bn to guarantee inter-bank loans - insurance with a premium.
A whopping £500bn ($850bn) at roughly £9,000 per person or £16,000 per tax payer.
The effect: stockmarket dropped 6%
Gotta rush, plane to catch.
PS: Iceland is refusing to pay out on 300,000 ($4bn) of deposit accounts held by UK and Danish citizens. UK government is issuing legal proceedings against Iceland. UK has frozen all of Landisbanki's assets in UK, which may include Retail stores and football clubs
UK government has guaranteed to repay all UK depositors in Icesave Bank - Landisbanki's UK deposit taker.
£50bn to shore up bank capital - with strings attached - through preferential shares.
£200bn to provide liquidity over 3 years at interest.
Potential £250bn to guarantee inter-bank loans - insurance with a premium.
A whopping £500bn ($850bn) at roughly £9,000 per person or £16,000 per tax payer.
The effect: stockmarket dropped 6%
Gotta rush, plane to catch.
PS: Iceland is refusing to pay out on 300,000 ($4bn) of deposit accounts held by UK and Danish citizens. UK government is issuing legal proceedings against Iceland. UK has frozen all of Landisbanki's assets in UK, which may include Retail stores and football clubs
UK government has guaranteed to repay all UK depositors in Icesave Bank - Landisbanki's UK deposit taker.
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