Taxpayer 'Not Bailing Out' Banks with Pounds 50bn Pledge ; Companies Will Have to Pay for Privilege
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Summary
BANKS using a pounds 50bn Government-backed scheme to help tackle the credit crunch are not being "bailed out" by the taxpayer, the Bank of England's Governor said yesterday.
In a bid to help kick-start the banking system, the Bank is allowing other lenders to swap their mortgage debts for more reliable government bonds, paying a fee in return.See the full content of this document
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Taxpayer 'Not Bailing Out' Banks with Pounds 50bn Pledge ; Companies Will Have to Pay for Privilege
Governor Mervyn King said the arrangement was necessary to improve liquidity, restore confidence in financial markets and "protect the rest of the ...
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