In an interview with the BBC, he says: “We were onto HBOS problems for several weeks. It didn’t just suddenly happen.”
Alex Salmond, Scotland’s first minister feels HBOS has been forced into a “shotgun marriage” and that “spivs and speculators” in the financial markets are responsible for the deal by short-selling HBOS stock.
But Darling paints a different picture and says without the deal the outlook was “very bleak indeed”, and denies the deal has been rushed through.
The Financial Services Authority says it is satisfied that HBOS is a well-capitalised bank that continues to fund its business in a satisfactory way.
It says: “It is a welcome move as it is likely to enhance stability within financial markets and improve confidence among customers and investors in the UK financial sector.”