UK Banks

Wales written question – answered on 22nd October 2008.

Alert me about debates like this

Photo of Stephen Crabb Stephen Crabb Conservative, Preseli Pembrokeshire

To ask the Secretary of State for Wales what recent discussions he has had with the Chancellor of the Exchequer on the exposure of Welsh taxpayers to the liabilities of UK banks.

Photo of Paul Murphy Paul Murphy The Secretary of State for Wales

I have had no such discussions. We in Wales do not stand alone in the current financial turmoil—this is a global crisis, requiring co-ordinated global action. The UK led the way in re-capitalising and strengthening the banks, and now the Europeans and Americans are following our lead. Ultimately the re-capitalisation of the banks is an investment, and the shares acquired will be sold off to the benefit of the taxpayer in the long term.

Does this answer the above question?

Yes2 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.