disgusting double standard for banks, page-8

The lender of last resort function of the reserve bank is not what is happening here. LOLR is only used when a fundametally solvent institution cannot meet short term obligations due to the mismatch between the long term assets that banks hold (mortgages are an example) and the short term liabilities they face (at call deposits are an example). The current steps are designed to acheive liquidity in a market for securities that (due to international factors quite outside of our banks responsibility) has become illiquid due to a collapse in confidene and an increase in risk aversion. This is to achieve the wider objective of the reserve bank, which is to maintain financial market stability.