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Governmental Assistance to the Financial Sector: an Overview of the Global Responses (V9)

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Governmental Assistance to the Financial Sector: an Overview of the Global Responses (V9) Economic Stabilization Advisory Group | October 2, 2009 Governmental Assistance to the Financial Sector: an Overview of the Global Responses (v9) The measures that Governments have taken to protect the financial sector have settled down to a large extent. We have, however, decided to publish a further update on the measures following a renewed interest in developments and the recent G20 Summit. This memorandum summarizes the measures Governments across the world have taken to protect the financial sector and prevent a recession. The measures fall into the following categories: guarantees of bank liabilities; retail deposit guarantees; central bank assistance measures; bank recapitalization through equity investments by private investors and Governments; and open-market or negotiated acquisitions of illiquid or otherwise undesirable assets from weakened financial institutions. The purpose of this publication is to provide an overview of the principal measures that have been taken in the major financial jurisdictions to support the financial system. The first version of this note was published on November 12, 2008. Since then, Governments in some jurisdictions have adopted further measures or amended measures previously adopted. The current version of the note takes into account those measures and is based on information available to us on September 30, 2009. Table of Contents Page AUSTRALIA........................................................................................................................................................................................................................... 5 AUSTRIA ............................................................................................................................................................................................................................... 9 BELGIUM............................................................................................................................................................................................................................. 17 BRAZIL ................................................................................................................................................................................................................................ 25 BULGARIA........................................................................................................................................................................................................................... 31 CANADA.............................................................................................................................................................................................................................. 32 DENMARK1 ......................................................................................................................................................................................................................... 35 ESTONIA............................................................................................................................................................................................................................. 40 FINLAND ............................................................................................................................................................................................................................. 41 FRANCE.............................................................................................................................................................................................................................. 44 GERMANY........................................................................................................................................................................................................................... 48 GREECE.............................................................................................................................................................................................................................. 60 HONG KONG ...................................................................................................................................................................................................................... 65 HUNGARY........................................................................................................................................................................................................................... 69 ICELAND ............................................................................................................................................................................................................................. 75 INDIA ................................................................................................................................................................................................................................... 80 IRELAND ............................................................................................................................................................................................................................. 94 ITALY................................................................................................................................................................................................................................... 98 JAPAN ............................................................................................................................................................................................................................... 104 LUXEMBOURG ................................................................................................................................................................................................................. 107 THE NETHERLANDS........................................................................................................................................................................................................ 109 NEW ZEALAND................................................................................................................................................................................................................. 115 NORWAY........................................................................................................................................................................................................................... 118 PEOPLE'S REPUBLIC OF CHINA.................................................................................................................................................................................... 121 PORTUGAL....................................................................................................................................................................................................................... 127 REPUBLIC OF KOREA..................................................................................................................................................................................................... 132 RUSSIA ............................................................................................................................................................................................................................. 136 SLOVAKIA......................................................................................................................................................................................................................... 146 SLOVENIA......................................................................................................................................................................................................................... 148 SPAIN................................................................................................................................................................................................................................ 153 SWEDEN........................................................................................................................................................................................................................... 157 SWITZERLAND................................................................................................................................................................................................................. 161 UKRAINE........................................................................................................................................................................................................................... 165 UNITED ARAB EMIRATES ("UAE").................................................................................................................................................................................. 166 UNITED KINGDOM........................................................................................................................................................................................................... 168 UNITED STATES OF AMERICA......................................................................................................................................................................................
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