Reports suggest the biggest buy-to-let operator is due to be nationalised after its survival as an independent bank proved impossible.
Downing Street has called an emergency summit with banking chiefs to decide by Monday whether the bank should be nationalised or broken up and sold off.
It is the second time in a fortnight that a major British bank has had to be rescued, fuelling fears for the fate of the banking system.
In a sign that the credit crisis is spreading through the wider economic system, the home furnishings retailer MFI also came close to collapse.
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Sunday, 28 September 2008
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