Britain unveils bank bailout plan

Second rescue plan aims to fight global credit crisis.

    The rescue measures come amid a
    global financial meltdown [AFP]

    Alistair Darling, Britain's treasury chancellor, said that the rescue plan would extend the window for its Credit Guarantee Scheme, which underwrites debt for banks that were recapitalised by the government to the end of this year.

    Under the latest British plan, lenders would have to identify their riskiest assets, which they could then insure with the government for a fee.

    It is extending the Bank of England's Special Liquidity Scheme, which expires this month and allows financial institutions to swap hard-to-trade assets for more liquid ones.

    In addition, the package builds on the recommendations of a government-sponsored report that called for guarantees of the mortgage-backed securities market.

    Britain's treasury said it would also no longer run down the loan book of Northern Rock, the bank it nationalised last year.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.