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 plan included increased ability to borrow from the government, offered assistance in raising equity, and a statement of support for international efforts. The plan has been described as partial nationalization. The crisis was very severe; according to the BBC's Robert Peston on 22 December after interviewing government and banking leaders "For me, what stood out when interviewing this quartet was the revelation about how Royal Bank of Scotland and HBOS were—in October—only hours away from being unable to open for business". On Wednesday, October 8, the European Central Bank, Bank of England, Federal Reserve, Bank of Canada, Swedish Riksbank and