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EU approves UK finance measures EU approves UK finance measures
(about 1 hour later)
The European Commission has approved British government changes to its support package for the banking sector.The European Commission has approved British government changes to its support package for the banking sector.
The original support measures had been approved by the Commission in October, when it first became clear that government intervention was necessary. The original support measures had been approved by the commission in October, when it first became clear that government intervention was necessary.
The changes relate to fees paid by banks to the government, and increase the number of currencies in which government guarantees can be issued.The changes relate to fees paid by banks to the government, and increase the number of currencies in which government guarantees can be issued.
The commission also approved rescue measures for Germany, Italy and Spain.
The decisions should clear the way for more cash injections and loan guarantees to troubled banks.
Common approach
The changes bring the British package in line with those of other EU members.The changes bring the British package in line with those of other EU members.
"The commission therefore concluded that the UK support measures, as amended, are compatible with the common market," a commission statement said."The commission therefore concluded that the UK support measures, as amended, are compatible with the common market," a commission statement said.
From the start of next year, the fee payable to the government on guaranteed liabilities will be based on an annual rate 0.5% plus the financial institution's standard five-year credit default swap rate.From the start of next year, the fee payable to the government on guaranteed liabilities will be based on an annual rate 0.5% plus the financial institution's standard five-year credit default swap rate.
The government will also be able to guarantee debt issued in Japanese yen, Australian dollars, Canadian dollars and Swiss francs.The government will also be able to guarantee debt issued in Japanese yen, Australian dollars, Canadian dollars and Swiss francs.
Currently, it can only guarantee debt in sterling, US dollars or euros.Currently, it can only guarantee debt in sterling, US dollars or euros.
Also, financial institutions will be able to roll over guarantees on some instruments until April 2014 - two years beyond the current limit.Also, financial institutions will be able to roll over guarantees on some instruments until April 2014 - two years beyond the current limit.
The European Union has put pressure on individual member states to meet uniform standards in their attempts to bail-out financial institutions.The European Union has put pressure on individual member states to meet uniform standards in their attempts to bail-out financial institutions.