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
Financial services in the Republic of Ireland financial derivatives: for example, if a company enters into a transaction outside of its objects in its memorandum and articles of association, the transaction may be void and unenforceable as "ultra vires". Netting and set-off are fully enforcable in Ireland (see the Netting of Financial Contracts Act 1995). There are few decided cases relating to financial derivatives in the Irish courts but decisions in the courts of England and Wales would be of persuasive authority. Regulation of the financial derivatives industry is the responsibility of the Central Bank. The central piece of legislation effecting the sale of financial derivatives is