BBC NEWS | Business | EU approves UK finance measures

The changes relate to fees paid by banks to the government, and increase the number of currencies in which government guarantees can be issued.

The commission also approved rescue measures for Germany, Italy and Spain.

The decisions should clear the way for more cash injections and loan guarantees to troubled banks.

Common approach

The changes bring the British package in line with those of other EU members.

“The commission therefore concluded that the UK support measures, as amended, are compatible with the common market,” a commission statement said.

From the start of next year, the fee payable to the government on guaranteed liabilities will be based on an annual rate 0.5% plus the financial institutions standard five-year credit default swap rate.

via BBC NEWS | Business | EU approves UK finance measures.


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Posted on December 23, 2008, in Bank Stocks, Financial Markets, GDOW, Global and tagged , , , . Bookmark the permalink. Leave a comment.

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