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ARTICLE · 05 FEBRUARY 2009

UK Government’s Banking Support Measures

Morrison Foerster
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With the credit crunch rapidly deteriorating into a full-scale global financial crisis, the UK’s HM Treasury (“HMT”) announced on 8th October 2008 a comprehensive package of measures to help support the banking industry financially and to strengthen depositor protection, with the aim of stabilising the UK financial system.

United StatesFinance and Banking
Peter Green
Peter Green
Jeremy Jennings-Mares
Jeremy Jennings-Mares
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Part I: UK Government's Package Of Financial Support For The UK Banking Industry ("Bank Rescue Package")

With the credit crunch rapidly deteriorating into a full-scale global financial crisis, the UK's HM Treasury ("HMT") announced on 8th October 2008 a comprehensive package of measures to help support the banking industry financially and to strengthen depositor protection, with the aim of stabilising the UK financial system.1

The initial package of measures were approved by the European Commission on 13th October 2008 under the state aid rules under Article 87 of the Treaty establishing the European Community (commonly referred to as the "EC Treaty"), which HMT immediately proceeded to implement.

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