Credit Guarantee Scheme closes
Friday 02 November 2012
A Government scheme designed to prop up the banks during the financial crisis has finally been shut down.
The Credit Guarantee Scheme (CGS) saw the Government underwrite up to £140bn of bank assets in order to help ensure that the financial system did not collapse.
A Treasury spokesman said that the closure of the scheme meant that the financial system was finally returning to normal.
"This is a milestone moment when the last government aid which was set up at the time for the financial crisis in the autumn of 2008 shuts down," he said.
"Over the duration of the scheme there were no defaults and the taxpayer benefited from the fees paid by banks to access the scheme. The fact that the scheme existed though added vital support to the financial system."
The closing of the CGS follows Royal Bank of Scotland's exit from the similar Asset Protection Scheme last week.
Since mid 2010, the support provided by the taxpayer to the banking sector in the form of guarantees has fallen by more than £450bn, a drop of almost 95 per cent.
Ukraine crisis: Helicopter gunships take country closer to all-out war
Undertaker dead hoax: WWE legend not 'found dead in home' as Facebook and Twitter reports
Malaysia Airlines MH370 co-pilot's phone 'was on and made contact with network tower' 30 minutes after plane turned around
Oscar Pistorius trial: Reeva Steenkamp told athlete she 'loved him' for first time in Valentine's Day card
Lunar eclipse 2014: Images of the spectacular 'blood moon'
David Cameron: 'Jesus invented the Big Society – I'm just continuing God's work'
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
- 1 Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 2 The best movies on Netflix: 32 films that will end your endless scrolling
- 3 Naked yoga: the bare truth - it's already big in the US, and has now landed here
- 4 24 people applied for the 'world's toughest job', here are their interviews
- 5 Drugs giant GlaxoSmithKline bribed doctors to boost sales, says whistleblower
iJobs Money & Business
£40000 - £50000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£35000 - £50000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...
£45000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: Corporate Acti...
£350 - £400 per day: Harrington Starr: An opportunity has arisen at a FCA regu...