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Now the Chancellor has accused banks of lending money too freely, and has told them to take a more cautious approach. Commenting on the on-going global credit crisis, Alistair Darling told the Daily Telegraph, in crude terms they need to know who they're lending to, how much they're lending and what the risk is. Now, that's elementary banking, one might think, but there are times when going back to good old-fashioned banking may not be a bad idea.

Well, I am joined now by our economics correspondent Faisal Islam. Some people would self to 10 years in power, it's a bit rich for a labor Chancellor. To be blaming the banks giving out easy money. What's he driving us?

There are two things going on here. Firstly, this seems to be the Chancellor by definition the government laying the blame of current crisis in the financial markets that credit crisis firmly adore one set of institutions, the banks. And the implication here, the timing is highly significant because it comes just a day after the government bank of England Northern King came out with a lengthy defense of his stoic position on all of these. But the bank's job is to intervene very frantically and selectively to keep the wheels of the financial system turning as they have done this morning by conforming a 4.4-billion pounds of money on offer to the markets. But not to kind of go back doing a more general bail out, not to sold the seize of future financial crisis by letting, by bailing out those people to make stupid risking investment decisions, for example, on Dow-Jones American mortgage debts. What this is is the Chancellor backing that view.

Ok. What exactly did you mean when you talked about going back to good old-fashion banking?

Well, I don't think he's suggesting that we perhaps go back to the days of gentlemanly bank manager who knows the name, everything about you until the name of your pets. That's, those are gone. You are living in a banking system just all about how you transfer risk around the financial system between borrowers and lenders and of course the world and they repackaged these debts they sell them on and guess what, it's the British banking system that has made billions of pounds out of that very acts and will continue to. I don't think we are gonna see the end of that. But it is clearly saying that it may have gone too far.

And what is this all mean for us consumers then.

We are already seeing the facts of this banking crisis with the interest rates rises coming without the bank of England raising its interest rates. This is gonna be a fixed role for the next few months. The bank say that shows that credit is being more sensibly given out, they say the lenders who have borrowed too much not the bank were lending too much as they told me earlier.

We are kind of interested in the Chancellor's comments because of course banks have been reviewing the way they lend money and particularly on secured credits for a number of years now. And in fact about 1 in 2 of every credit card applications are declined. I think it's a message for consumers to look in to take on credit where they have been declined. That think is very carefully before going else where for credit.

So what we say it the Chancellor and the bank of England ganging out, saying this position is right the banks are gonna have to accept or they are gonna make loses.

Faisal.Thank you.

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