Changes

Britain on October 8 announced a gigantic £400 billion ($680 billion) rescue plan for its banks; the government would partially own them.  Prime Minister [[Gordon Brown]] said banks would still be run by their old managers, but that the government would have to be "satisfied" on matters of salaries, [[dividend]]s and lending activities.  The money involved is about a third of Britain's annual [[Gross Domestic Product|GDP]] (comparable to $5 trillion in the U.S. economy.)

Britain on October 8 announced a gigantic £400 billion ($680 billion) rescue plan for its banks; the government would partially own them.  Prime Minister [[Gordon Brown]] said banks would still be run by their old managers, but that the government would have to be "satisfied" on matters of salaries, [[dividend]]s and lending activities.  The money involved is about a third of Britain's annual [[Gross Domestic Product|GDP]] (comparable to $5 trillion in the U.S. economy.)

On October 13, Britain announced it would spend £50 billion ($85 billion) to nationalize two of the five largest banks, HBOS (Halifax Bank of Scotland) and RBS (Royal Bank of Scotland), while taking partial ownership of a third, Lloyds TSB. A fourth, Barclays will remain private if it can raise an additional £7 billion. The fifth, HSBC is based in Hong Kong and will remain private.<ref>"Financial crisis: HBOS and RBS 'to be nationalised' in £50 billion state intervention," [http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3185120/Financial-crisis-HBOS-and-RBS-to-be-nationalised-in-50-billion-state-intervention.html?source=EMC-new_12102008 London ''Telegraph'' Oct 13, 2008] The existing stockholders were not bought out. They will continue to hold shares in the banks, but they will be outvoted by the new stock owned by the government.</ref>

On October 13, Britain announced it would spend £50 billion ($85 billion) to nationalize two of the five largest banks, HBOS (Halifax Bank of Scotland) and RBS (Royal Bank of Scotland), while taking partial ownership of a third, Lloyds TSB. A fourth, Barclays will remain private if it can raise an additional £7 billion. The fifth, HSBC is based in Hong Kong and will remain private.<ref>"Financial crisis: HBOS and RBS 'to be nationalised' in £50 billion state intervention," [https://www.telegraph.co.uk/finance/financetopics/financialcrisis/3185120/Financial-crisis-HBOS-and-RBS-to-be-nationalised-in-50-billion-state-intervention.html?source=EMC-new_12102008 London ''Telegraph'' Oct 13, 2008] The existing stockholders were not bought out. They will continue to hold shares in the banks, but they will be outvoted by the new stock owned by the government.</ref>

====Switzerland====

====Switzerland====

In October 2008, the Swiss central bank and the big UBS bank reached an agreement to transfer as much as $60 billion of troubled securities and other assets from UBS's to a separate entity. UBS will put up $6 billion in equity. The Swiss central bank will control the new entity and loan it $54 billion.

In October 2008, the Swiss central bank and the big UBS bank reached an agreement to transfer as much as $60 billion of troubled securities and other assets from UBS's to a separate entity. UBS will put up $6 billion in equity. The Swiss central bank will control the new entity and loan it $54 billion.