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| Brown holding bank crisis talks | |
| (10 minutes later) | |
| Prime Minister Gordon Brown is holding talks with Bank of England Governor Mervyn King on proposals to stabilise the banking system. | |
| Chancellor Alistair Darling and the chairman of the Financial Services Authority, Lord Turner, are also taking part in the discussion. | |
| Downing Street denied it was an "emergency meeting", adding that it would focus on "ongoing action". | Downing Street denied it was an "emergency meeting", adding that it would focus on "ongoing action". |
| Any announcements would be made in a "calm and orderly way", it said. | Any announcements would be made in a "calm and orderly way", it said. |
| Share falls | Share falls |
| US President George Bush called Mr Brown earlier - as well as the leaders of France and Italy - to underline the need for cooperation, the White House said. | US President George Bush called Mr Brown earlier - as well as the leaders of France and Italy - to underline the need for cooperation, the White House said. |
| Banking shares fell in London amid news that bank bosses had met Mr Darling on Monday to discuss fundraising. | Banking shares fell in London amid news that bank bosses had met Mr Darling on Monday to discuss fundraising. |
| Royal Bank of Scotland fell 34%, HBOS dropped 22%, Lloyds TSB was down 10% and Barclays fell 9%. | Royal Bank of Scotland fell 34%, HBOS dropped 22%, Lloyds TSB was down 10% and Barclays fell 9%. |
| Icesave savers warnedIcesave: Your storiesQ&A: Deposit protectionRead Robert Peston's blog | Icesave savers warnedIcesave: Your storiesQ&A: Deposit protectionRead Robert Peston's blog |
| The banks have called on Mr Darling to make a proposal to help restore liquidity, BBC business editor Robert Peston said. | |
| Meanwhile, customers of the Icesave internet bank have been warned they will probably have to claim compensation for money held in their savings accounts. | Meanwhile, customers of the Icesave internet bank have been warned they will probably have to claim compensation for money held in their savings accounts. |
| UK authorities are preparing for the bank's parent in Iceland, Landsbanki, to be declared insolvent. | UK authorities are preparing for the bank's parent in Iceland, Landsbanki, to be declared insolvent. |
| A Downing Street spokesman declined to comment on whether there would be any House of Commons statement about the meeting. | |
| There was no mention of the talks at the lobby briefing for journalists earlier on Tuesday. | |
| BBC political correspondent James Landale said: "Clearly things are moving. The question is 'how fast?'" | BBC political correspondent James Landale said: "Clearly things are moving. The question is 'how fast?'" |
| Monday's meeting was attended by Mr Darling, Mr King and Lord Turner, as well as representatives of RBS, Barclays and Lloyds TSB. | Monday's meeting was attended by Mr Darling, Mr King and Lord Turner, as well as representatives of RBS, Barclays and Lloyds TSB. |
| The Treasury is understood to have been formulating a plan that would allow the government to provide extra funding to the banks in exchange for stakes in them. | The Treasury is understood to have been formulating a plan that would allow the government to provide extra funding to the banks in exchange for stakes in them. |
| The government said it would not speculate about what policy options were being considered. | The government said it would not speculate about what policy options were being considered. |