October 6, 2008

IF ONLY ACORN....:

Why Britain must act now in response to German savings guarantee: First Ireland, then Germany, now Denmark, Sweden and Austria. One by one, each country has taken steps to restore confidence in its embattled banking sector. (James Quinn, 06 Oct 2008, The Guardian)

As British savers see their cousins over the water in Ireland or in continental Europe moving protected, so the Government must move to reassure savers that the future of the British banking sector is assured.

The latest plan - to invest taxpayer's money in major banks so boosting their balance sheets so as to allow them to begin lending again - is an interesting one.

Not only does it offer a potential solution to the stagnation in the mortgage market, but it will also be viewed as an indirect guarantee of the British banking sector, one that is increasingly needed.


Iceland halts trading in six deposit-takers (Catherine Boyle, Hildur Helga Sigurdardottir in Reykjavik and Peter Stiff, 10/06/08, Times of London)
Iceland suspended trading the shares of six major financial institutions today as ministers worked on a plan to help them survive the global financial meltdown.

The stock exchange said that it had decided to temporarily suspend trading in the big three Icelandic banks - Kaupthing, Landsbanki and Glitnir - plus three other institutions - Exista, Straumur and SPRON - to protect equality between investors while waiting for a government announcement on its plans.


...hadn't helped those undeserving Icelanders secure home loans....

Posted by Orrin Judd at October 6, 2008 7:32 AM
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