It's emerged that a press release for a blanket guarantee was being written at 9pm on the night the guarantee was agreed - before bankers or ministers had been consulted.

A senior civil servant, William Beausang, has told the inquiry he received a draft press release announcing the guarantee shortly after 9.

He told the Banking Inquiry it had been drafted by the Central Bank - but isn't sure why a press release was drafted before the plan had been agreed: