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’Application for capital assistance
More detail on the Treasury’s planned stress tests and newest bank capital replenishing programme emerged yesterday.
As a reminder, the stress tests will be applied to roughly 20 US banks (those with assets over $100bn),
Where’s our QE?
We thought Bank of England governor Mervyn King would provide a little detail today on the status of authorisation for full-on quantitative easing in the UK.
This is vital – it needs to be done through a joint BoE and Treasury effort.
Nationalisation, not preferred
Who needs stress tests? They’ve yet to begin – but already the US Treasury is keen to emphasise it stands behind the banks and will recapitalise — not nationalise — as needed.
Via Reuters, emphasis ours:
Bailout 2.0: financialstability.gov
In his speech due in a quarter of an hour, Treasury secretary Timothy Geithner, as well as pledging to restart the securitisation markets (somehow…), is going to declare that the US government’s bailout plans have so far been conducted with “limited transparency”