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A second bank rescue package totalling at least £50 billion was announced by the British government on 12 January 2009, as a response to the then-ongoing Financial crisis of 2007–2008. The package was designed to increase the amount of money that banks could lend to businesses and private individuals.
IndyMac Bank, America's leading Alt-A originator in 2006 [5] with approximately $32 billion in deposits, was placed into conservatorship by the Federal Deposit Insurance Corporation (FDIC) on 11 July 2008, citing liquidity concerns. A bridge bank, IndyMac Federal Bank FSB, was established under the control of the FDIC. [6]
On October 8, the British announced their bank rescue package consisting of funding, debt guarantees and infusing capital into banks via preferred stock. This model was closely followed by the rest of Europe, as well as the U.S Government, who on the October 14 announced a $250bn (£143bn) Capital Purchase Program to buy stakes in a wide ...
On October 8, the British announced their bank rescue package consisting of funding, debt guarantees and infusing capital into banks via preferred stock. This model was closely followed by the rest of Europe, as well as the U.S government, who on October 14 announced a $250bn (£143bn) Capital Purchase Program to buy stakes in a wide variety of ...
Banks that accepted rescue packages had restrictions on executive pay and dividends to existing shareholders, as well as a mandate to offer reasonable credit to homeowners and small businesses. [15] The long-term government plan was to offset the cost of this program by receiving dividends from these shares, [ 16 ] and in the long run, to sell ...
In the United Kingdom, the bank rescue package was even larger, totaling some £500bn. Controversial bailouts occurred in other countries as well, such as Germany (the SoFFin rescue fund), Switzerland (the rescue of UBS), [12] Ireland (the "blanket guarantee" of Irish domestic banks issued in September 2008), [13] and several other countries in ...
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2008 United Kingdom bank rescue package; 2009 United Kingdom bank rescue package; 2008–2009 Belgian financial crisis; 2008–2011 Icelandic financial crisis; Great Recession in Russia; 2008–2009 Ukrainian financial crisis; 2008–2014 Spanish financial crisis; Post-2008 Irish banking crisis; Venezuelan banking crisis of 2009–2010