EU synchronises crisis moves

13.10.2008 / 12:06 CET

Eurozone states join the UK in outlining huge rescue plans for their banking systems.

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Fact file

Among the 13-point draft measures agreed are:

The European Central Bank (ECB) will intervene to boost liquidity;
Governments will be able to buy into banks to boost their finances and guarantee bank refinancing;
Governments will be able to supply additional capital to financial institutions;
Governments will guarantee new debt issued by banks, although the scheme will be limited in amount and subject to strict financial scrutiny, and the facility will expire at the end of 2009;
Governments will be able to recapitalise ailing banks to avoid knock-on failures of other financial institutions.

Source: French presidency of the EU.