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The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
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 the shares after a market recovery. [15] This plan covered the possibility of underwriting new issues of shares by any participating bank. [16]
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.
Danmarks Nationalbank also finds that participation in the banking union would be an advantage if a large Danish bank or mortgage bank ever became distressed. A single, powerful resolution authority would then be better equipped to minimise the adverse effects on the economy and the financial system without the use of public funds.
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