European banks bailout is given a £238 billion tag

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Goldman Sachs analysts said plans to recapitalise the banks "appear comprehensive" as the world steps up its efforts to rescue the crippled financial system.

"The critical success factor is that public intervention must restore private investors' confidence to provide equity and funding again," said Goldman banking analyst Christopher Malmer.

The leaders of 15 European countries pledged to guarantee loans between banks until the end of 2009, and said they would put money into them by buying preference shares.

Sarkozy said the eurozone was taking unprecedented action in agreeing that no big institution will be allowed to fail.