At first glance the Treasury's big, bold scheme to save the banking system from collapse looks good.
Banks have been complaining that they are short of capital, short of liquidity and afraid to lend to each other in case the other goes bust and the money doesn't come back.
The new plan addresses all three of these concerns with large amounts of money.
The major banks have indicated to the authorities that they want about £25bn in new capital between them. They are getting that. For good measure, the government has earmarked another £25bn in case it is needed. The banks, therefore, cannot complain they have been short-changed.
The fear of "counterparty risk" in the interbank markets, as it is known, should be dealt with by the £250bn guarantee the scheme provides. Interbank lending is by its nature unsecured. Hence, if one bank lends to another, it relies on trust that the other will at some point return it with interest. With that trust having broken down in the year-long credit crunch, something was needed to restore it. And the guarantee does just that.
Moreover, we have learned today that banks intend to draw about £200bn from the Bank of England's Special Liquidity Scheme - about four times the amount they indicated when Bank of England governor, Mervyn King, unveiled the system in April. Under the SLS the banks deposit long-term, safe but illiquid assets like government bonds with Threadneedle Street in exchange for short-term bonds they can trade in money markets.
So it looks at first glance like a belt-and-braces scheme that is probably the best that banks could have hoped for. Banks now have the cash, the incentive and the protection they want to start lending to each other - and us - again.
Initial City comment was enthusiastic.
"The measures are clearly a positive step by the UK authorities and will hopefully go some way to improving confidence in the banking sector and stimulate lending although the full impact is likely to take some time," said Altaz Dagha and Mark Miller, analysts at Bank of Scotland.
