Brown a sub prime minister: Salmond

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Mr Salmond claimed the current financial turmoil was "a staggering condemnation of the state of the United Kingdom".

His remarks came in response to Mr Brown's recent claims that an independent Scotland would not have been able to bail out struggling banks.

But Mr Salmond argued that the £37 billion capital injection for three of the UK's largest banks had thrown up crucial questions about the proposed merger between Halifax Bank of Scotland (HBOS) and Lloyds TSB. And as well as calling on the UK Government to act now to help the economy, he also demanded the merger between HBOS and Lloyds TSB be put on hold till those questions were answered.

Speaking about the merger, he said: "Before they put our money into this bail-out, we want to be sure that it is in the public interest and in the interests of jobs and decision making in Scotland."

He asked if the funding was available to both banks separately and asked: "If not, then why not?"

Mr Salmond continued: "If the future of HBOS has indeed been secured then are we not entitled to ensure that any merger is in the public interest - that the public won't end up paying for the merger, paying for lost jobs and then paying for the restriction of competition. Until these questions are satisfactorily answered then there must be no merger."

But with the current economic uncertainty continuing, Mr Salmond used much of his speech to the Scottish National Party annual conference to mount a stinging attack on the Prime Minister.

Mr Brown had claimed previously to have ended boom and bust, but Mr Salmond said that the "country that had eliminated boom and bust" was now "expected to tumble into the economic mire".

The First Minister said: "Brown's Labour bust threatens to break records - and has almost broken our banking system. Under his watch our greatest company has had to be rescued and saddled with 12% preference shares. Our oldest bank is threatened with disappearing as an independent force. And the Prime Minister thinks this is an advert for the union."