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 the Markets in Financial Instruments Directive 2004/39/EC which has been fully implemented into Irish law. The Market Abuse Directive 2003/6/EC is also fully implemented in Ireland and provides that insider dealing or market manipulation may be carried out using financial derivatives. In addition the Central Bank will regulate the use of derivatives through codes or guidance documents applying to specific financial services sectors – see for example, the UCITS and non-UCITS rules applying to funds. The law in Ireland relating to financial derivatives transactions is generally clear and does not provide market participants with too many serious issues. The applicable