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FTSE 100 dives on banking plan
Wednesday 8th October 2008, 9:52AM BST.
The FTSE plunged this morning after details of the government’s £50 billion banking bailout plan were revealed.
The index had dropped 6.8 per cent to 4,288.5 by 09:04 BST, a fresh four-year low in a week of record falls.
Royal Bank of Scotland (RBS) and Barclays shares fell the furthest, as investors reacted badly to news banks may be part nationalised and dividends suspended.
RBS, which also operates NatWest, saw its share value fall to 72.60p this morning, while Barclays saw its share price fall 12.72 per cent by 09:24 BST to 248.75p.
HBOS was the only major UK bank to benefit in early trading and was up 24.68 per cent by 09:24 BST to 117.20p.
Chancellor Alistair Darling announced the government would make new capital available to banks in return for stakes in some of the biggest high street lenders.
HSBC has stated it will not be involved in the scheme, as it has no need for the cash.
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