Downing Street Says » Bank Lending Guarantees

» Sunday, February 3, 2008

Bank Lending Guarantees

Asked whether any more details had emerged on the details of the Government s announcement last week on bank lending, the PMS said that something that had come up at Cabinet were reports of a number of other big economies like the US and Germany now looked like they would take action. While not identical in every aspect to the announcement made by the Government 10 days ago, this action would be along similar lines and based on very similar principals around isolating and dealing with bad debt on banks balance sheets.

So we were seeing some international movement now in the direction of what the Prime Minister had called the third stage in our plan of dealing with the global financial recession. Firstly, bank recapitalisation, then monetary and fiscal stimulus and then measures to deal with bank balance sheets and getting lending moving again. On the specific point mentioned, the Chancellor was ahead of the Lords Economic Affairs Committee later today, so it was possible that he would be able to give a bit more of an update at that point.

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