UK launches £37bn bank rescue
Royal Bank of Scotland, Lloyds TSB and HBOS agreed to scrap dividend payments in exchange for a government rescue package of £37bn. RBS is to get £20bn of government money and could end up with the government owning 60% of the bank. Lloyds TSB and HBOS wil raise £17bn from the government. Barclays will separately tap private investors for £6.6bn.