Cabinet saws

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We have got to protect the interests of all our investors and we have got to protect their income and capital. What we were forced to do was to hold off on paying redemptions at the moment.''
But the issue is that with the government guarantee in place, there is uncertainty about what is secure and what's not secure any more,'' said Mr Brandweiner.Prime Minister Kevin Rudd and Treasurer Wayne Swan met CEOs of the Big Four Banks last night in Canberra, to discuss the bank guarantee and the global financial turmoil. The gathering followed a Federal Cabinet meeting called yesterday to discuss the bank guarantee plan.
The Federal Government also last night gave the go-ahead for Westpac's $17.3 billion takeover of smaller rival St George, citing the need for strong banks in the current global financial crisis. But Mr Swan said the approval for the merger, which is still to be voted on by St George shareholders, came with conditions that would be in place for three years.

LEAD: Bill to inject government funds into banks submitted to Diet+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Oct. 24(Kyodo) (EDS: UPDATING WITH FRESH INFO)
The Japanese government submitted a bill to the Diet on Friday to allow it to inject state funds into banks and other financial institutions to shore up their capital bases and ease the credit crunch amid the global financial crisis.
The bill, which the Cabinet approved earlier in the day, is to revise the Act on Special Measures for Strengthening Financial Functions. It is expected to help ease the pressure on financial institutions from the worldwide credit turmoil as they have been increasingly reluctant to lend money to smaller companies due to fear of default.

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