Banking crisis live: will nationalisation work?

9:03am:
The FTSE is up 5% this morning with banking stocks making big gains as the government put its reps on the boards. Gordon Brown is setting out his "restructuring plan" for the banks. Follow Brown's press conference here.

9:18am:
"Confidence" seems to be the key word today. Brown says the government's plan is all about restoring confidence to the banking sector.

The BBC's business editor, Robert Peston, not someone who lacks confidence himself, says today "will count as perhaps the most extraordinary day in British banking history."