£37bn for banking giants
A dramatic rescue of British banking is under way after the Government unveiled a £37bn bail-out for three major banks.
Royal Bank of Scotland is to raise £20bn of capital through a Government- guaranteed £15bn share issue and a £5bn Government cash injection.
Lloyds TSB is to raise £5.5bn of new capital, and said it is revising the terms of its HBOS acquisition, while HBOS is seeking £11.5bn of new capital.