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New £500bn bail-out package starts today

It includes State-backed insurance of the toxic debts of major lenders, and the pumping of £14bn into the mortgage market via Northern Rock, which is to use the money to make loans over the next two years.

However, only £5bn will be advanced by Northern Rock this year, with the rest available for lending from next year onwards.

It is the third time that the Government has attempted a bail-out. The first bail-out in October was worth £37bn and was announced in October. It was followed by new measures in January, aimed at encouraging lenders to start lending again. The new bail-out is worth £500bn.

Commentators say that neither of the earlier bail-outs worked.

 


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