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FINANCIAL/RESCUES =3 Nov 10

Published 11/10/2008, 10:20 AM
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NETHERLANDS - 200 billion euros ($257.1 billion)

- GUARANTEE INTERBANK LENDING: The government said it will guarantee 200 billion euros in loans between banks and financial institutions.

- BANK CAPITAL: Government has set aside 20 billion euros to inject into financial institutions. Bank ING has agreed to take 10 billion euros while insurer Aegon is also looking at the govt offer.

- BANK DEPOSITS: Guaranteed to 100,000 euros.

NEW ZEALAND

- BANK DEPOSITS: The government said it would offer a guarantee scheme to cover deposits in retail banks and non-bank deposit-taking entities for two years. The guarantee is capped at $1 million ($597,700) per depositor per institution.

NORWAY - 350 billion crowns ($50.09 billion)

- DEBT SWAP: Banks can swap covered bonds, including mortgage-backed securities, into new government bonds which they can use as collateral in central bank auctions for liquidity.

- LIQUIDITY: Norges Bank will offer two-year liquidity loans aimed at smaller banks.

PHILIPPINES

- BANK DEPOSITS: The government has proposed raising bank deposit insurance fourfold to 1 million pesos ($20,600).

POLAND

- BANK CAPITAL: Government is prepared to inject fresh capital into banks, if needed.

- BANK DEPOSITS: State is working on boosting bank deposit guarantees to 175,000 zlotys ($59,710).

- LIQUIDITY: Central bank has endorsed the use of currency swaps and introduced repo operations to boost interbank liquidity. It also plans to widen the type of collateral it takes for loans.

PORTUGAL - 20 billion euros ($25.71 billion)

- LIQUIDITY: The government said it will offer a financing line to guarantee the liquidity of banks.

- BANK DEPOSITS: Guaranteed to 100,000 euros.

ROMANIA

- BANK DEPOSITS: The government raised its bank deposit guarantees to 50,000 euros ($64,280) from 20,000 euros.

- LIQUIDITY: Government said liquidity is ample, but that it has the "necessary tools" to support banks through the injection of liquidity and would do so if necessary.

RUSSIA - $210 billion

- BANK CAPITAL: Applications for funds from companies in the banking sector total around $20 billion. State to increase stake in bank VTB and has pledged 950 billion roubles ($35.29 billion) in subordinated loans for the banking sector, with 500 billion going to Sberbank and the rest put on deposit at state-owned Vneshekonombank (VEB), to be distributed to other banks.

- LIQUIDITY: Central bank to offer more roubles in its twice-daily repo auctions and be allowed to make collateral-free loans to around 100 of Russia's top banks. Banks' reserve requirements cut.

- BUDGET FUNDS: More than double the amount of state funds will be allowed to be put on deposit at commercial banks, to a total of 1.5142 trillion roubles.

- GUARANTEE INTERBANK LENDING: The central bank will partially compensate Sberbank, VTB and Gazprombak for any losses sustained as a result of lending money on the interbank market

- BANK DEPOSITS: Bank deposit guarantees increased to 100 percent of the first 700,000 roubles.

SINGAPORE - S$150 billion ($100 billion)

- BANK DEPOSITS: The finance ministry and central bank said they will use government reserves to guarantee all local and foreign currency deposits in banks, finance firms and investment banks until December 2010.

SLOVAKIA

- BANK CAPITAL: Government said it is ready to inject capital into banks in exchange for stakes.

- BANK DEPOSITS: Government plan to guarantee 100 percent of bank deposits waiting to be ratified by parliament.

- LIQUIDITY: Domestic interbank market has a surplus but, as a future euro zone member, it plans to follow a planned relaxation of collateral rules among member states.

SLOVENIA

- BANK DEPOSITS: Government said it will provide an unlimited guarantee for all private deposits in Slovenian banks.

SOUTH KOREA - $130 billion

- LIQUIDITY: Government to provide $30 billion to domestic banks and exporters.

- BANK CAPITAL: Not considering using public funds to take equity stakes in banks for now, but could do so if necessary.

- GOVT SECURITIES: The government would inject up to 1 trillion won ($960.7 million) worth of securities it holds into the Industrial Bank of Korea to boost its capital base and boost lending to exporters.

- INTER-BANK LENDING GUARANTEE: Government guarantees $100 billion of domestic banks' loans from international banks.

SPAIN

- DEBT GUARANTEE: The government has agreed to guarantee issues of new bank debt until December 2009, part of a package of measures agreed by European governments.

- BANK DEPOSITS: Guaranteed to 100,000 euros.

SWEDEN - 1.5 trillion crowns ($191.9 billion)

- GUARANTEE ON NEW BORROWING: Made by financial firms up to a maximum of 1.5 trillion crowns in total, in exchange for fees from the banks. Deal to run until end-April 2009 but may be extended for eight months.

- BANK CAPITAL: A total of 15 billion crowns set aside in a financial stabilisation fund, for use if a solvency crisis arises at a financial firm. Should a capital injection be needed, the govt would expect to receive preference shares. Swedbank said it will be the first bank to access the funds.

- BANK DEPOSITS: Guaranteed to 51,566 euros.

SWITZERLAND

- BANK CAPITAL: UBS AG is getting a 6 billion Swiss francs ($5.14 billion) injection from the state in return for a 9.3 percent shareholding. UBS will also unload $60 billion of toxic assets into a new fund backed by the Swiss National Bank.

- LIQUIDITY: Government has said it plans to introduce tougher capital requirements. - BANK DEPOSITS: Guaranteed to 100,000 Swiss francs ($85,400). Will lift the total covered by government to 6 billion francs from 4 billion. Measures to last until end-2010

TAIWAN

- BANK DEPOSITS: The government has issued a blanket guarantee on all deposits until end-2009.

UKRAINE

- BANK CAPITAL: Government has proposed a fund that could buy out firms and banks in financial trouble. President Viktor Yushchenko said revenues from privatisation should be used to provide cash for the fund.

UNITED ARAB EMIRATES - 120 billion dirhams ($32.68 billion)

- LIQUIDITY: The government has pledged to provide sufficient liquidity for interbank lending.

- BANK DEPOSITS: The government has pledged to guarantee bank deposits.

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