The UK, which pioneered the idea of government-sponsored bank recapitalisations, set the bar high on almost every measure, demanding stronger capital ratios, greater consideration for struggling borrowers and more conservative dividend and pay policies.
This is in spite of the British government saying it plans to manage its holdings on a wholly commercial basis.
By contrast, the US rescue package spelt out yesterday looks less costly for bankers and bank shareholders. Meanwhile, European governments appear to be giving themselves room to manoeuvre.
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