Darling on bank recapitalisation plans

Mon Oct 13, 2008 9:01am BST
 
Email | Print | | Single Page
[-] Text [+]

LONDON (Reuters) - Britain bailed out three major with 37 billion pounds to boost their capital, the Treasury said on Monday.

Following are comments by Chancellor Alistair Darling on various British media:

INFLATION, RATE CUTS

"The judgement of the Bank of England and the governor was it was right for the Bank of England to make its announcement alongside all the other central banks and I think that was a very, very good step forward. We're not going to tell the Monetary Policy Committee what to do."

"They have a broad remit to allow them to take into account not just inflation, which is very important -- and of course you are seeing because of oil prices mainly and high food prices it has pushed inflation up -- but wholesale oil prices are coming down and I think there are reasons to believe, therefore, as we go through this period, that situation will improve."

MORE MONEY IF NEEDED

"I've made it clear, I said last week, that we were prepared to make up to 50 billion pounds available. And if we need to go further than that I'll do it. Because my priority at the moment, as I say, is to stabilise an extremely difficult position, to strengthen the banks' position, so we can move forward."

DECISIVE ACTION

"If we act together, if we act decisively, if we act quickly then there's every reason to believe we can get through this difficult period."  Continued...

 
A dealer works on the trading floor shortly after the U.S. markets opened, at CMC Markets in London October 3, 2008. REUTERS/Toby Melville
Hormones make best traders

Scientists say a perfect combination of testosterone, experience and a hunger for a share of profits can produce financial traders who consistently outperform.  Full Article | Related Story 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos