Darling unveils £50bn bank rescue package

In a deal finalised at 5am this morning, the Government will receive preference shares in those institutions in return for the funding. Barclays, HBOS, HSBC, Lloyds TSB, Abbey, Nationwide Building Society, RBS and Standard Chartered have already signed up to about £25bn worth of the package. Darling says these banks, along with other institutions with significant UK dealings, will also be able to apply for a minimum of £25bn. The rescue package also includes access to a £200bn stand-by facility for the companies to ensure they have sufficient funds for day-to-day operations. Speakin...