Press Release
IMA welcomes government's banking rescue bid
8 October 2008
Welcoming the Government's announcement this morning, Robert Jenkins, Investment Management Association Chairman said:
"There is a liquidity problem, a bank solvency problem and a confidence problem. These measures are positive for interbank liquidity and a necessary step towards much needed bank recapitalisation. Whether or not the sums involved are sufficient, hinges on the extent to which the banks have accurately valued their assets. This uncertainty needs to be addressed fully to restore confidence.
We would also expect the banks to consult with their long term institutional shareholders as to the terms of the arrangements they will be entering with the Government."
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