UK bank bailout: What is it, and who is it for?

The British government unveiled on Wednesday a plan to bolster ailing banks and shore up the financial system.
Following are some key facts on the package.
RECAPITALISATION
The government will spend at least 50 billion pounds ($87.8 billion) buying stakes in UK banks to improve their capital strength. Banks will be able to draw on 25 billion pounds in the form of preference shares or permanent interest bearing shares (PIBS) by the end of the year. The government will also assist in raising ordinary equity if asked to and is ready to provide a minimum of 25 billion pounds of further support.
LIQUIDITY
The Bank of England will make at least 200 billion pounds ($351 billion) in loans available to banks via auctions in order to ensure sufficient liquidity and stability in the banking system. Until markets stabilise, the bank will continue to conduct auctions to lend sterling for three months, and also dollars for one week, against extended collateral.
DEBT
So that banks can refinance and meet refunding obligations the government will, for an interim period, guarantee what it expects to be about 250 billion pounds ($439 billion) worth of new short and medium-term debt issuance by the banks.
WHO BENEFITS?
The banks that have already confirmed their participation in the recapitalisation scheme are Abbey, which is owned by Spain's Santander, Barclays, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered. HSBC has said it has no plans to make use of it at present. Other UK financial institutions, including those under foreign ownership, are entitled to apply for membership of the scheme.