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UK Considers More Aid For Struggling Banks
Monday, 05 January, 2009
BRITISH finance Minister Alistair Darling refused yesterday to rule out more government help for struggling banks, though he said such aid was “not your first port of call”.
“When I announced our original plans in October ... I said it would be necessary for us to continue to take whatever measures were necessary to ensure that we get lending [restored to] the system,” he told BBC radio.
“Recapitalization is not your first port of call, but over the next few weeks we will discuss with banks what further steps we can take that would help lending, particularly to small and medium businesses.
“We have got to make sure these banks are strong enough in the first place - in other words, to help that recapitalization process. But we also have to ensure that there is enough money in the system so that businesses and people looking for mortgages can get money.”
Reports suggest that Darling is considering a package of new measures that might include buying up banks’ bad credit loans or exchanging them for government bonds.
Prime Minister Gordon Brown has played down the prospect of injecting more state cash into struggling banks.
Darling admitted: “Though lending is taking place, it is not taking place at a level I would like to see.”
In October, three big British banks - RBS, HBOS and Lloyds TSB - were bailed out by the state with a £37-billion (R504-billion) package.
Source: http://www.thetimes.co.za/
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