The market seems encouraged by the news of the EU joint scheme to guarantee bank debts and to recapitalize banks if needed, and other like Global initiatives. Individual E.U. states meanwhile will also be launching seperate measures. The U.K. government has this morning announced its package. It will inject upto £37 bln of new capital into RBS, Lloyds TSB and HBOS. RBS is to raise £20 bln, with the government buying £5 bln of preference shares and underwriting £15 bln of ordinary shares. A further £17 bln will be injected into HBOS and Lloyds TSB. Barclays meanwhile has announced plans to raise £6.5 bln without government help. EUR/USD and EUR/JPY have continued their overnight relief rally, presently up at 1.3660 and 137.40 respectively.