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Unite said that this bailout must serve to make the industry more transparent and accountable.



Derek Simpson, Unite Joint General Secretary, said that "it is not acceptable for the government to socialise the risks taken and continue to capitalise the rewards in the finance industry. The measures announced today must be extended to include undertakings by the banks of no job losses, no repossessions of homes, and no rewards for irresponsible risk taking or failure".



The union’s senior employee representatives from across the financial services will hold an emergency meeting on 8 October to draw up plans to protect their members in the face of the credit crunch.



The union will develop a charter to fight for jobs in finance and will be looking to hold employers to account for their irresponsible behaviour, which led to the financial crisis, and warns employers that they will not accept compulsory redundancies in the banking industry.



The British government announced on 8 October that it will inject £250bn into the bank system in order to keep banks lending and will offer a guarantee to banks issuing medium term debt. The banks initially involved in the plan are Abbey (Santander's subsidiary), Barclays, HBOS, HSBC, Lloyds TSB, Royal Bank of Scotland and Standard Chartered as well as the Nationwide Building Society.





More information at: http://www.amicustheunion.org/