IANAL, but a bank being taken into administration by the central bank is what should happen, rather than a huge injection of taxpayer's money. Having said that, if the taxpayer is going to do that and isn't getting equity (and wiping out existing shareholders, they knew the risks, yadda yadda) then something has gone badly wrong.
The perfect bailout (assuming one was to happen anyway) would have been to refund everyone a year's income tax. The money would have gone into the banks via people's current accounts, and the rightful owners of that money, the taxpayer, would have maintained control of what's theirs.
Huh? The govt doesn't "normally" take over when a company is insolvent. Even with banks, the SOP until recently was shut-down (often via sale to another bank).
The perfect bailout (assuming one was to happen anyway) would have been to refund everyone a year's income tax. The money would have gone into the banks via people's current accounts, and the rightful owners of that money, the taxpayer, would have maintained control of what's theirs.