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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.
The transaction "open bank" was facilitated by the FDIC and with the concurrence of the United States Department of the Treasury, and the Board of Governors of the Federal Reserve Bank. The FDIC guaranteed to Citigroup to cover any losses on the Wachovia banking portfolio greater than $42 billion, in exchange for $10 billion in preferred stock.
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Following a model initiated by the United Kingdom bank rescue package, [27] [28] the U.S. government authorized the injection of up to $350 billion in equity in the form of preferred stock or asset purchases as part of the $700 billion Emergency Economic Stabilization Act of 2008, also called the Troubled Asset Relief Program (TARP).
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
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 ...
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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 ...