(1888PressRelease)
November 01, 2008 - London - These packages are part of the plan agreed by the 15 countries to guarantee lending between banks while taking stakes in financial institutes.
Britain, took controlling stake in Royal Bank of Scotland, and the newly combined bank of Lloyds TSB and HBOS while injecting up to £37 billion of taxpayers cash into the battered lenders.
Germany has approved a package worth up to 500 billion euros consisting mostly of inter- bank loan guarantees. The German plan does not require the government to take a direct stake in German banks.
France will spend about 350 billion euros and Spain has set aside 100 billion euros to guarantee debt. While Austria made 100 billion euros available for loan guarantees, the Netherlands created a rescue package of 220 billion euros.
The announcement boosted investor confidence across the board with stock markets posting record gains/ surging worldwide.
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