Pledges by European countries to help banks

Published Tuesday October 14th, 2008
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GERMANY: Up to US$536.7 billion in guarantees for banks, up to $107.3 billion to recapitalize banks - allowing the state to take stakes - and $26.8 billion to back up the guarantees.

FRANCE: Up to $491 billion, including $436 billion to guarantee bank refinancing and another $54 billion for a government-backed agency to provide banks with extra capital.

SPAIN: Will guarantee up to $135 billion in bank bond issuance this year, after $40.92 billion promised last week for bank capitalization.

AUSTRIA: Up to $114 billion in guarantees, and an additional $20 billion in capital.

NETHERLANDS: Will guarantee up to $272 billion in interbank loans, following $27 billion that it pledged for bank capitalization last week.

ITALY: Finance Minister Giulio Tremonti said the Italian package would be worth "as much as necessary."

PORTUGAL: Announced Sunday it would guarantee e$27 billion in interbank loans - nearly 12 per cent of annual economic output.

BRITAIN: Announced Oct. 8 a $88-billion plan to partly nationalize major banks and promised to guarantee a further $438 billion of bank loans. On Monday, government dipped into its $80-billion fund and said it would provide up to $63 billion to boost balance sheets at three of Britain's largest banks.

SWEDEN: Government plans to put forward a draft law Wednesday to guarantee new bank debt until the end of 2009 and support banks with added share capital.

NORWAY: Outside the euro zone and the European Union, Norway plans to offer new government bonds worth $55.4 billion to banks to help improve liquidity in the market.

Source: THE ASSOCIATED PRESS

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