90 at 9: Bill English targets the banks; G20 sets US$1 trln plan; FASB relaxes 'mark to market' rules

Bernard Hickey details the key news overnight in 90 seconds at 9 o'clock, including Bill English arguing our banks should not lift mortgage rates because of the government guarantee. Also, the G20 meeting ended with a US$1 trln plan to boost funding for the IMF and World bank and regulate hedge funds. Finally, the US Financial Account Standards Board (FASB) has relaxed "˜mark to market' rules on valuing toxic assets so banks can value them as if through an "˜orderly sale' rather than at the current fire sale prices. The Dow rallied on the G20 and "˜mark to market' rules, which are seen making it easier for banks to survive.