Europe: Financial Crisis and Security Issues (European by Patrick B. Werthers

By Patrick B. Werthers

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Additional resources for Europe: Financial Crisis and Security Issues (European Political, Economic, and Security Issues)

Example text

During this phase, the British government nationalized housing lender Northern Rock and Bradford & Bingley, a mortgage lender. 4 billion into banking and insurance company Fortis to head off the first major bank crisis in the Euro area. The Financial Crisis 29 PHASE II — LIQUIDITY ISSUES In the second phase, policy shifted from an ad hoc focus on the fate of individual firms to concerns over troubled markets as central banks intervened to lower interest rates, to provide liquidity, and to provide foreign currency.

The Bank for International Settlements (BIS) indicates that governments in Europe varied their responses to the financial crisis, as indicated in Table 3. In addition, the BIS indicates that there are considerable differences in the design and implementation of the rescue efforts and in the way foreign depositors are treated in the case of a bank failure. In this phase, Iceland was especially hard hit by the financial crisis, with major Icelandic banks completely shutting down for a period of time [18].

S. S. banks [33]. S. Federal Reserve cut key interest rates by half a percentage point, a move that was matched by China and Norway [34]. 5 percent points to 3%. The cut was three times larger than any seen since the central bank‘s monetary policy committee was established in 1997 [35]. 25% [36]. The Czech Central Bank also cut its rates by a larger than expected three-quarters of a percentage point, while the Swiss National Bank lowered its rates by onehalf of a percentage point. 5%. Currency Swap Facilities In addition to reducing interest rates and providing liquidity by injecting capital directly into banks, the Federal Reserve and other central banks in Europe and elsewhere expanded short-term bilateral currency swap facilities by $180 billion to compensate for a dollar liquidity crisis.

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