Sunday, January 18, 2009

Plan to use public funds to underwrite debt in a bid to save high-street lenders

Taxpayers could be liable for £200bn in toxic bank loans

Whitehall officials confirmed last night that a plan to use public funds to underwrite the toxic loans taken on by British banks in recent years was under discussion as Gordon Brown tried another rescue plan to kick-start the economy. ~~~~~~~~~~~~~~~~ The extra protection from huge customer debts that might otherwise have to be written off is designed to offer banks more security and encourage them to begin lending more to business and individual clients. ~~~~~~~~~~~~~ curiouser and curiouser said Alice

Posted by troy @ 08:06 AM (846 views)
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One thought on “Plan to use public funds to underwrite debt in a bid to save high-street lenders

  • Mr Brown said: “It is the exposure of British banks to international losses that is the biggest problem that we face.”
    Guess these will be magnified by sterling’s spectacular decline.

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