Rescued and nationalised: Wachovia, Hypo, Fortis, B&B, Glitnir

Transferred overnight from the critical list to the embrace of the public sector balance sheet, and its proxies, are the following banks:

- Wachovia, a top 10 US bank, bought by Citigroup. The US Federal Deposit Insurance Corp agreed to absorb losses greater than US$42 billion on a US$312 billion pool of loans while the FDIC received $12 billion in preferred stock and warrants from Citi, according to the review of the deal by US Banker. Citi said it will pay Wachovia US$2.2 billion in stock and assume Wachovia senior and subordinated debt of US $53 billion.

Wachovia Corporation will continue to trade, but now owning only the asset management operations AG Edwards and Evergreen. The US Treasury said it agreed with this transaction, since any failure of Wachovia presented system risk.

- Hypo Real Estate, Germany's second biggest commercial property lender, secured €14 billion of credit guarantees from other banks (which will provide 60 per cent of the funding) and the German government. The government committed to provide a further €14 billion if needed.

- The Belgian, Dutch and Luxembourg governments invested €11 billion in financial conglomerate Fortis. Efforts over the weekend to break up the bank and sell it failed, according to the New York Times.

- Britain's government sold the deposits and branch network of Bradford & Bingley to Santander for about £600 million. The government took ownership of the loan book and other assets of B&B. Santander has now taken ownership of Alliance and Leicester (bought two months ago) and Abbey National, bought in 2004, giving the Spanish bank a portfolio of regional banks (and all former building societies) in Britain.

- Iceland's government nationalised Glitnir, taking a 75 per cent stake for €600 million. Stodir, an Icelandic investment group that holds a 32 per cent stake in Glitnir, appointed administrators.