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According to reports the part nationalisation of three major high street banks has resulted in a leap in the FTSE 100 Index, which rocketed by 8% after a number of days of worrying falls, sending a wave of relief through the city. This came after the government decided to plough around £37,000 into three major banks, HBOS, Royal Bank of Scotland, and Lloyds TSB, effectively partly nationalising them.
It is thought that the move could help to end the wave of panic that has been sweeping the city over the past few weeks, following a number of disasters in global financial markets. The Dow Jones Index on Wall Street also soared, going up by over 352 points.
In the meantime shareholders in the city have said that bonuses that were paid to the banking fat cats needed to be refunded because given the current situation in the banking sector it was unfair that some senior officials, some of whom had been at least partly responsible for the problems that had occurred in the banking sector, had gone home with hefty bonuses.
The Prime Minister, Gordon Brown, and Chancellor, Alistair Darling, have both said that in return for the bailout money they would be paying out no dividends or bonuses to the banks involved. Also, three government directors will be sitting on the board of directors of RBS, whilst another two will go to the board of Lloyds TSB.
This is yet another unprecedented move in the financial markets, and Gordon Brown described the move as 'unprecedented but essential for all of us'. In addition to this the chancellors said that he would defend taxpayers' money ruthlessly. He said that the bailout terms came with strings attached that were designed to help small businesses and mortgage payers.
There has been some criticism stemming from recent events as well. The shadow chancellor George Osborne was critical of Labour for sitting on spiralling debt problems for ten years, and a senior official from the Financial Services Authority said that there were lessons to be learned from the boom of the last decade. more ....
More news this week ...
Four major banks to be bailed out -
Today four of the UK's largest banks are to be bailed out using around £50 billion worth of taxpayers' money. The money - 13th October 2008 more ....
Interest rates slashed by central banks -
In a decision aimed at trying to calm global financial markets and stabilise the economy central banks around the globe decided yesterday - 9th October 2008 more ....
