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| Rescue plan for UK banks unveiled | Rescue plan for UK banks unveiled |
| (10 minutes later) | |
| The UK government has announced details of a rescue package for the banking system worth at least £50bn. | The UK government has announced details of a rescue package for the banking system worth at least £50bn. |
| It will make extra capital available to eight of the UK's largest banks and building societies. | It will make extra capital available to eight of the UK's largest banks and building societies. |
| In return for the funding, the government will receive preference shares in those institutions. | In return for the funding, the government will receive preference shares in those institutions. |
| A further £200bn will be made available by the Bank of England for short-term borrowing to provide liquidity to banks and building societies. | A further £200bn will be made available by the Bank of England for short-term borrowing to provide liquidity to banks and building societies. |
| Taking taxpayers' money will not be a licence to trade as normal Robert Peston, BBC business editor Read Robert Peston's blog | |
| The banks that have confirmed they will take part in the scheme are Abbey, Barclays, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered. | The banks that have confirmed they will take part in the scheme are Abbey, Barclays, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered. |
| The Treasury said that other banks would be able to apply for inclusion in the plan. | The Treasury said that other banks would be able to apply for inclusion in the plan. |
| BBC business editor Robert Peston said there would be strings attached for banks that take the government money. | |
| These will include restrictions on executive pay and dividends for other shareholders. | |
| "Taking taxpayers' money will not be a licence to trade as normal," he said. |