Credit Guarantee Scheme To Allow Banks To Reduce Government Support

The Chancellor has announced that the Treasury is changing the rules of the Credit Guarantee Scheme (CGS) to allow banks to reduce their participation in the scheme ahead of schedule. The move demonstrates that the UK banking sector is returning to a stable footing and will allow banks to start reducing their reliance on the UK taxpayer, while they return to normal market financing, without Government support. The changes to the scheme will allow institutions that have issued guaranteed debt under the Scheme to buyback and cancel the debt before the debt was scheduled to mature. This Buyback Facility will be subject to certain conditions and the payment to HM Treasury of a cancellation fee. Speaking after the announcement, the Chancellor George Osborne said: “That the Government is able to do this shows that the UK banking sector is clearly on the mend. It is in everyone’s interest that banks return to stability and that as they do they are able to lessen the amount that they depend upon the taxpayer. We do though need to go further. The Government will push forward with reform to financial services within the UK and make sure that we put in place a stronger and more reliable regulation to ensure that we do not put the taxpayer in this situation again.”

Appeal Following Fire In Rainham

Police are appealing for witnesses following a fire in Rainham. Detectives investigating a fire at a residential address on Stirling Close, Rainham, around 1.15am on Tuesday 31 May are appealing for anyone who was in the area at the time and may have information about the fire to come forward. London Fire Brigade also attended and dealt with the blaze. A woman was treated by London Ambulance Service (LAS) for smoke inhalation at the scene; she did not need hospital treatment. At this stage the fire is being treated as suspicious. Officers from Havering are investigating. Detective Constable Malcolm Evans said: "I would urge members of the public to come forward if they saw anyone acting suspiciously in Stirling Close, Rainham on Tuesday 31 May at approximately 01.15hrs." A 27-year-old man was arrested on 31 May in connection with the incident but was released with no further action. Enquires continue.

Police Seek Assistance Following North London Collision

Police continue to appeal for information following the death of a woman who was in a collision with a minibus in north London. Officers were called to Hornsey Rise around 8.45pm on 4 June, following reports that a female had been injured close to the junction with Shaftesbury Road. London Ambulance Service (LAS) and Air Ambulance also attended but the 53-year-old victim was pronounced dead at the scene. She has now been identified as Theresa Jean Lyne, also known as Samantha Van Parrga, of Pilgrim Way. Officers are keen to trace any next of kin and believe that Theresa would often stay in the Tufnell Park and Upper Holloway areas. A post-mortem examination gave the cause of death as a traumatic head injury. An inquest has been opened and adjourned at St. Pancras Coroner's Court. The driver of the minibus stopped and was not arrested. Officers from the Road Death Investigation Unit at Alperton are investigating and ask that anyone with information to come forward.

(BMcN/GK)