Royal Bank of Scotland:

- Treasury to underwrite £15 billion share offer and to subscribe for £5 billion of preference shares, giving it a 63 per cent stake in the bank.

- Sir Fred Goodwin, chief executive, will step down and be replaced by Stephen Hester, currently chief executive of British Land and a non-executive director of RBS. Sir Tom McKillop to retire as Chairman.

- RBS will not pay a dividend until the Government's preference shares have been repaid.

- Warns that trading has deteriorated and that second half results will be below expectations, with a rise in impairment changes and further asset write downs in the fourth quarter.

Barclays:

- Will raise at least £6.5 billion from investors but will not use the Government funding.

- The bank already has an agreement with one existing shareholder to contribute £1 billion of new capital.

- Scraps final dividend but intends to resume payments in the second half of 2009.

- Says that September’s pre-tax profit significantly exceeded the monthly run rate for the first half of the year.

Lloyds TSB / HBOS:

- Merged banks will receive £17 billion from the Treasury, likely to give it a 43.5 per cent stake.

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