By JERUSALEM POST STAFF
The British government announced plans on Wednesday to partially nationalize major banks, with taxpayers taking a share stake in a bid to restore stability.
The Treasury made the announcement a half hour before markets opened, saying eight banks signed up for the so-called recapitalization plan, which offers up to 50 billion pounds (US$87.5 billion) in the form of preference shares.
The Treasury said the banks are Abbey National PLC, Barclays PLC, HBOS PLC, HSBC Bank PLC, Lloyds TSB Bank PLC, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered Bank.
Treasury chief Alistair Darling said the government was responding to extraordinary times.
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