UK rescue plan

The government in the United Kingdom said it plans to inject up to 37 billion pounds of taxpayer cash into three of the country’s banks.



Taxpayers will reportedly own 60 percent of the Royal Bank of Scotland, RBS and 40 percent of the merged Lloyds TSB and Halifax Bank of Scotland.



The chief executives and chairmen of both RBS and HBOS are to resign, after their banks were forced to ask for the bailout money.



Prime Minister Gordon Brown is insisting that under the bailout plan, senior directors should get no cash bonuses for this year, with future bonuses to be paid in the form of shares.