The FTSE 100, the index of Britain’s most capitalised companies rose today by 5% to 4122.25 points after the British government pumped about ₤39 billion into three of the country’s largest banks. Due to the Credit Crunch, investors began to doubt about the solvability of some large British banks, through which the FSE plummeted and made last week the worst week in history for the index. To restore confidence in the banking system, the British government decided to buy 57% of the shares of The Royal Bank of Scotland and 43% of the Lloyds TSB-HBOS group. Although this intervention was successful, the index is still 24% lower than last month and about 40% lower than a year ago.
Elien Peleman
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The FTSE 100, the index of Britain’s most capitalised companies [comma] rose today by 5% to 4122.25 points after the British government pumped about ₤39 billion into three of the country’s largest banks. Due to the Credit Crunch, investors began to doubt about the solvability [solvency] of some large British banks, through which [linking not clear] the FSE plummeted and made [turned] last week [into] the worst week in history for the index. To restore confidence in the banking system, the British government decided to buy 57% of the shares of The Royal Bank of Scotland and 43% of the Lloyds TSB-HBOS group. Although this intervention was successful, the index is still 24% lower than last month and about 40% lower than a year ago.
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