Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

"Why Are So Many Children Dying in Gaza?"

Read more

AFRICA NEWS

Central African Republic: Seleka calls for partition

Read more

DEBATE

Nigeria: One Hundred Days and Counting (part 2)

Read more

DEBATE

Nigeria: One Hundred Days and Counting

Read more

FOCUS

Can Chancellor Merkel's winning streak last?

Read more

FOCUS

Hunger in a fertile land...

Read more

ENCORE!

High-tech acting king Andy Serkis on Dawn of the Planet of the Apes

Read more

REPORTERS

Hong Kong in rebellion against the 'motherland'

Read more

TALKING EUROPE

Dalia Grybauskaite, President of the Republic of Lithuania

Read more

  • Israel faces heightened diplomatic pressure as Gaza bloodshed deepens

    Read more

  • Botched Arizona execution takes nearly two hours to kill inmate

    Read more

  • In pictures: Thousands march for Gaza peace in Paris

    Read more

  • Bomb attacks leave scores dead in north Nigeria

    Read more

  • Netherlands holds day of mourning for victims of flight MH17

    Read more

  • Two Ukrainian fighter jets shot down over rebel-held territory

    Read more

  • Ryanair ordered to pay back €9.6m in illegal state aid to France

    Read more

  • Gaza protests: ‘France imported the Mideast conflict a long time ago’

    Read more

  • Video: Fear, death and mourning in Gaza’s Khan Younis

    Read more

  • TransAsia Airways Taiwan crash leaves dozens dead

    Read more

  • Poland’s Rafal Majka wins 17th stage of Tour de France

    Read more

  • Young riders raise French hopes for Tour de France

    Read more

  • Defying UK, France to proceed with warships sale to Russia

    Read more

  • US courts issue conflicting reports on Obamacare

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

France to create new programme to aid banks

Latest update : 2008-10-13

Following measures taken by European governments to protect banks from the financial crisis, French PM Francois Fillon announced Wednesday that the government would create a new "legal structure" to save failing banks.

France's Prime Minister Francois Fillon asked lawmakers Wednesday to give legal backing to his government's promise to step in rapidly to support failing banks with cash bail-outs.
   
France's new programme is the latest in a patchwork of emergency measures taken by European governments to protect banks from the financial meltdown, ranging from deposit guarantees to full nationalisations.
   
Addressing a parliamentary debate on the banking crisis, Fillon said France had already stepped in to partly buy out the failing Franco-Belgian bank Dexia as an emergency measure but wanted a "legal structure" for future rescues.
   
"In order that it can have all the necessary capital to hand for any future interventions that prove necessary, the government will ask parliament to vote to attach an explicit state guarantee to the finance bill," he said.
   
"We wanted to create the conditions for confidence to return to the banking system and ensure that banks start lending to each other once again," he said.
   
President Nicolas Sarkozy has pledged that no French bank will be allowed to collapse amid the recent financial crisis, despite a squeeze on liquidity that has seen interbank lending grind to a halt and sent shares into a tailspin.

Date created : 2008-10-08

COMMENT(S)