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With Financial meltdown occurring throughout the world governments are prepared to bailout and nationalise companies. The following is an example of nationalisation across the world: Britain, the strongest advocate of free-market capitalism in the EU, waded in with 37 billion pounds ($63.85 billion) of taxpayers' cash to bail out three major banks, in a move that could make the government their main shareholder. The governments of Spain and Austria announced similar emergency measures to shore up their banks and stabilise their financial system, and Italy pledged "as much as necessary" to help banks but gave no overall figure. Belgian, French and Luxembourg governments and shareholders pledged 6.4 billion euros ($9.2 billion) for Dexia, the world's largest lender to municipalities, to boost its capital and attempt to restore confidence. Under the plan, Belgian government and other Belgian stakeholders would invest 3 billion euros, the French government 1 billion euros and French state-controlled Caisse des Depots (CDC) 2 billion euros. The Luxembourg government would invest 376 million euros.
The Belgian, Dutch and Luxembourg governments agreed to inject 11.2 billion euros ($16.4 billion) into banking and insurance company Fortis to head off the first major bank crisis to hit the euro zone in 13 months of global financial turmoil. Each government will take a 49 percent stake in Fortis banks in their respective countries. In Berlin, German Chancellor Angela Merkel proposed a $653-billion bailout package, the largest emergency program in Germany's postwar history and more than 1 1/2 times the government's entire 2008 budget. Under the plan, likely to be passed by Parliament this week, $109 billion would be earmarked for recapitalizing the banks, and the remainder would take the form of loan guarantees. Portugal said it will offer a financing line worth 20 billion euros to guarantee the liquidity of its banks. The Norwegian government announced a plan to provide $57 billion in liquidity for commercial banks. Australia and New Zealand said they were working together to offer blanket bank deposit guarantees. Gulf Arab states also took steps to boost confidence in the financial system, including a cut by Saudi Arabia of its benchmark repo rate and a vow by the United Arab Emirates to protect national banks and guarantee deposits.
The freezing Injunction over Icelandic assets
Following the financial meltdown in Iceland the Treasury has made an order under the Anti-Terrorism, Crime and Security Act 2001, in relation to funds owned, held or controlled by: Landsbanki Islands hf ("Landsbanki"); and
the Government of Iceland, the Central Bank of Iceland, the Icelandic Financial Services Authority and the Landsbanki receivership committee established by the Icelandic Financial Services Authority, which relate to Landsbanki.
Such funds may not:
be made available to or for the benefit of Landsbanki, the Government of Iceland, the Central Bank of Iceland, the Icelandic Financial Services Authority and the Landsbanki receivership committee
be made available at the direction or instruction of Landsbanki (the Government of Iceland), the Central Bank of Iceland, the Icelandic Financial Services Authority and the Landsbanki receivership committee
otherwise be dealt with.
This includes a prohibition on account withdrawals, honouring cheques, crediting accounts with interest, releasing documents of title (including share certificates), making available the proceeds of realisation of property, making a payment to or for its benefit, using, altering, moving, allowing access to or transferring funds, dealing with funds in any other way that would result in a change in volume, amount, location, ownership, possession, character or destination or making any other change that would enable funds to be used, including portfolio management.
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