I can see all the reasons why the government has felt the need to bail out HSBC, Lloyds TSB, Barclays, Standard Chartered, RBS, HBOS and Nationwide. After all, they are all UK banks, pay UK corporation tax and are UK owned.
The big question for me is, why are we bailing out Abbey, which is part of the Spanish banking giant Santander, which Alistair Darling was claiming was relatively chas rich on the radio this morning ? On Radio Five Live Mr Darling hailed the way the government had dealt with Bradford and Bingley, where a strong foreign bank (Santander) stepped in. However, at the same time the British Government's rescue plan seems to involve UK tax payers bailing out Abbey.
Shouldn't the Spanish Government step in to guarantee Spanish banking giants or am I missing the bleeding obvious ?