Global financial crisis in October 2008 in Iceland. On October 7 the Federal reserve announced formation of a Commercial Paper Funding Facility (CPFF) which will serve as a funding backstop to facilitate the issuance of term commercial paper by eligible issuers. Several countries announced new or increased deposit guarantees: Taiwan outlined plans to double the guarantee to NT$3 million ($92,000) and the European Union agreed to increase guarantees across the EU to at least €50,000 per saver. Several EU states then announced increases on top of this minimum: Netherlands, Spain, Belgium, and Greece each announced they would guarantee up to €100,000. The government of Britain announced
Temporary Liquidity Guarantee Program Temporary Liquidity Guarantee Program The Temporary Liquidity Guarantee Program (TLGP) is a program adopted by the Federal Deposit Insurance Corporation (FDIC) on October 13, 2008 during the global financial crisis of 2008 to encourage liquidity in the interbank lending market. Several of the stated purposes of this program are (1) "to decrease the cost of bank funding so that bank lending to consumers and businesses will normalize." and (2) "to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding company, and by providing full coverage of non-interest