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 Dow Industrial Average during October to 17%, down 30% for the year. In Russia, the $50 billion rescue program administered by the state development bank Vnesheconombank (VEB) is assisting Russian firms controlled by Russian oligarchs who gave ownership of portions of their companies as security for loans from Western financial institutions. Recipients include Oleg Deripaska of Rusal owner of Norilsk Nickel and Mikhail Fridman of Alfa Group whose assets VimpelCom and TNK-BP were threatened. In Asia, Japan announced its second economic stimulus plan of $51 billion on Thursday, October 30. Hong Kong and Taiwan cut interest rates while an interest