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
Central Bank of Ireland criticisms, the Irish State had the financial resources to bailout the Irish banking system (Ireland was almost debt-free before the crisis). Post the 2011–bailout, the Irish State has a debt-to-GNI* ratio of over 100%, and will not be able to withstand such a material failing by the Central Bank of Ireland again. A recurrence would place the Irish banking system, and the Irish State, into creditor restructuring. In 2016, several Irish bank CEOs testified to being asked by senior officials of the Central Bank during 2007–2011 to follow a "green jersey agenda" in obfuscating the facts of Ireland's deteriorating banking