Abbey welcomes government initiatives

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Abbey welcomes government initiatives

Abbey has welcomed the government's latest banking bailout package.

The bank said that the initiatives, announced yesterday by chancellor Alistair Darling, would help provide stability for the UK's banking sector.

Commenting on the first round of the bank bailout, announced in October, Abbey said: "At that time, we stated we did not intend to use the UK government's recapitalisation scheme and instead brought forward the agreed capital injection of £1 billion, promised at the time of the Alliance & Leicester acquisition."

The latest round of bank bailouts will see the government setting aside up to £100 billion to underwrite the mortgage-lending of UK banks and building societies.

It is hoped that this will persuade financial institutions to approve more mortgages for individuals.

Yesterday, Nationwide issued a statement welcoming the package, which it said would help stimulate lending and reinforce the stability of the financial system.

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