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
Global financial crisis in October 2008 guarantee bank deposits for five years. European countries would finance their own rescue plans and tailor them to local conditions. Mechanisms are also planned to increase the availability of short term credit. The total rescue plan totaled €1 trillion. Australia and New Zealand also announced bank guarantee plans. On Monday, October 13, the markets were closed in Japan and the bond market was closed in the United States. On Sunday, in Norway, which is not in the euro zone, the Norwegian cabinet in a hastily called press conference announced a US$57.4 billion (350 billion Norwegian kroner) plan of offering Norwegian