ECOFIN agreements (7 October 2008) for Europe:
- Rescue institutions with serious solvency problems.
- Recapitalise solvent institutions facing difficulties.
- Facilitate access to funding for solvent institutions.
- Strengthen depositors’ confidence: increase coverage of deposit guarantee funds.
- Make accounting more flexible: valuation of opaque assets or assets in illiquid markets.
ECOFIN agreements (7 October 2008) in Spain:
- No institution has been rescued.
- No institution has been recapitalised.
- Access to funding facilitated through:
- Treasury guarantee on issuances.
- Purchase of the highest-quality financial assets.
- Increase in coverage of the Deposit Guarantee Fund.
- No accounting relief, as there are no opaque assets or significant exposure to illiquid markets.
