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US authorities allay fears over bank nationalisation

The US authorities have indicated that the nationalisation of some of the US's largest banks is not on the current political agenda. Federal reserve Chairman Ben Bernanke expressed an opinion that if there was a nationalisation of some of the largest banks in the US this would destroy inherent value which has been built up over years, something which was appreciated by the US stock market which rose 3%.

All eyes appeared to be on the US authorities as rumours continued to circulate the market that the likes of Citigroup and Bank of America were on the verge of being taken over by the US government. This is sure to feed through to the UK banking sector at the start of play tomorrow where similar fears have been expressed although it has to be noted that we are not out of the woods yet.

While there are still great concerns that both US and UK banking operations could receive further government backing and possibly be taken under government control, banking sector shares have risen somewhat over the last few weeks. Quite what the future holds remains to be seen but there would appear to be life after the ongoing economic downturn.

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