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India On Media |
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| Politics
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| US set to outline banking rescue |
| The US government is expected to announce a $250bn (£143bn) bank rescue plan later, echoing steps taken by the UK and other European countries.
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| UNITED STATES OF AMERICA
, 14-October-2008
1:21:58 AM |
| In return for injecting cash, the US will hold stakes in banks including Goldman Sachs and Morgan Stanley.
President George W. Bush and Treasury Secretary Henry Paulson are due to make statements before US markets open.
The money will come from the $700bn bail-out package approved by US lawmakers earlier this month.
'Universal plan'
Unlike the UK plan, all US banks will be expected to take part in the scheme, Ralph Silva, a banking analyst at Tower Group, told BBC News.
Reports say the plan may also include increasing deposit insurance for certain bank accounts and guaranteeing certain types of bank lending.
On Monday, the UK said it would inject up to £37bn of taxpayers cash into Royal Bank of Scotland, Lloyds TSB and HBOS.
Governments in the eurozone have said they are putting aside more than 1 trillion euros to protect banks through guarantees and other emergency measures.
The bulk of the money will be used to guarantee lending between banks - part of a plan agreed at the weekend by the 15 nations that use the euro.
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