UK government will partially nationalize banks (AP)
08.10.2008 10:55 Business
LONDON - The British government has announced an $87.5 billion plan to partially nationalize its major banks in a bid to restore economic stability.
The Treasury made the announcement Wednesday before markets opened, saying eight banks have signed up for the so-called recapitalization plan. The plan offers up to $87.5 billion in the form of preference shares.
The Treasury said the eight banks are Abbey, Barclays, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered.
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