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Recapitalisation of the UK Banking System

The Bank of England believes the measures announced by the Government this morning are an important step forward in stabilising the financial system. The Bank will play its full part in implementing the plans.

Published on 08 October 2008

Commenting on the announcement, Mervyn King - Governor of the Bank - said: "A major recapitalisation of the UK banking system of at least £50 billion is a necessary condition for regenerating confidence in the financial system. The recapitalisation, further liquidity support from the Bank of England and the new guarantee scheme amount to a significant step forward in resolving the present crisis".

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