The Financial Services Authority (FSA) today welcomed the support package for banks announced by the Government this morning.
The FSA will now work with banks and building societies to ensure they utilise the measures in a manner that delivers very strong capital and liquidity plans to navigate through the current uncertain economic climate.
Adair Turner, chairman of the FSA, said:
"The comprehensive package announced today will ensure that our banks and building societies are undoubtedly robust. It should restore confidence to the whole financial system.
"We will continue to work closely with firms, and with our colleagues at the Bank of England and the Treasury, to steer our financial infrastructure through the current global turmoil in good shape to meet the needs of consumers, businesses and society as a whole."
