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UK: British Gov’t to loan 250 billion euros to banks
Wed. October 08, 2008 07:41 am.- By Bonny Apunyu. -
(SomaliNet) As part of a plan to keep the British banking system afloat, the British government is to make billions of euros available. The Bank of England will set aside 250 billion euros for short-term loans to banks.
The British government will provide 320 billion euros in loan guarantees to encourage banks to lend to one another. It will also give 65 billion euros to eight of the country's largest banks and financial institutions, in exchange for which it will receive shares in them.
The British government says the measures are needed to promote lending between banks and to support several major firms, such as Barclays and the Royal Bank of Scotland, which have witnessed sharp declines in their share values.-RNW
News Category: World
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