Word: bankses
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The U.K. has taken the step of essentially bypassing the banks to mainline money into the system. It is quick, and quickness is what is called for as the recession bites harder each day.
Last October, when British Prime Minister Gordon Brown and his Finance Minister, Alistair Darling, unveiled their emergency intervention to recapitalize U.K. banks, they did so in front of a capacity crowd in the oak-paneled suite of rooms at 10 Downing Street, which are used for the Prime Minister's...
And yet as Brown and Darling gathered on Monday to unleash a slew of new schemes, the stakes for the Prime Minister - and the British economy as a whole - could scarcely have been higher. Central to those plans is the creation of a bumper insurance scheme that will permit banks...
Clearing access to credit for banks, firms and consumers is crucial. Interest rates may be at their lowest since the Bank of England was created more than 300 years ago, and the banking industry may have already received $55 billion in government money, but nervous British lenders are simply not...
The government's insurance scheme will play a key role in efforts to prevent that. Under the plan, scheduled to run for at least five years, banks will pay a fee to the government for taking out a policy. Lenders will also shoulder a "first loss" amount - similar to the...