Treasury

The Treasury will guarantee 90% of losses on toxic assets as part of its Asset Protection Scheme (APS), minister confirmed today.

The FSA was warned in 2005 not to approve Kaupthing's takeover of Singer & Friedlander (S&F) following concerns over the way the Icelandic bank was run.

The Kaupthing Singer & Friedlander Isle of Man Depositors Action Group (KSFIOMDAG) has called for an inquiry into the actions of the FSA and the Isle of Man regulator (FSC), along the lines of the investigation into the collapse of Equitable Life.

John McFall is to step down as chairman of the Treasury Select Committee at the next election, reports suggest.

The Government may delay the Budget until April as they evaluate a new economic stimulus plan, reports suggest.

The Treasury Select Committee has launched an investigation into the protection of UK savers investing in non-UK jurisdictions, in a bid to identify lessons learnt from the banking crisis.

Investors in residential mortgage backed securities (RMBS) are acting irrationally, and demanding excessive premiums, says the Council of Mortgage Lenders (CML).

The UK and US Governments will pump more capital into nine ailing financial institutions than the entire GDP of the oil-rich United Arab Emirates.

Living Time has warned the Treasury not to use the current economic turmoil as an excuse to drop the promised OMO update from the forthcoming Pre-Budget Report.

HSBC has been joined by four other UK banking giants today in rejecting any Government capital assistance, following this morning's £37bn bail-out package for Lloyds TSB, HBOS and RBS.