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Banks 'met with chancellor over share sales'

Three major British banks would be amenable to the government buying large numbers of shares in the firms, the BBC reports.According to the broadcaster's business editor Robert Peston, executives from RBS, Barclays and Lloyds TSB met with chancellor of the exchequer Alistair Darling.Mervyn King, the governor of the Bank of England, was also in attendance.Writing in his blog, Mr Peston said that the chancellor was told to "pull his finger out" and "finalise" how much public money he was willing to provide banks.Mr Darling was also claimed to have no "fully elaborated rescue plan" for the bankers."The three banks estimate that they may need around £15bn of new capital each, with £7.5bn paid up front and a further £7.5bn guaranteed by the Treasury that would be delivered if it became necessary," Mr Peston wrote."Current rough estimates are that the capital injection could be as much as £50bn in total for all British banks."

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