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.
International Women's Day 2014: The shocking statistics that show why it is still so important
Oscar Pistorius trial: The week he went from a hero of his nation and the world, to a gun-loving hothead
International Women’s Day: 'When a man gives his opinion, he's a man. When a woman gives her opinion, she's a bitch' - feminist quotes from female icons to inspire you
Malaysia Airlines plane: Oil slick is first sign that missing flight crashed into sea killing up to 239 on board
International Women's Day 2014: Cherie Blair - ‘Today is a chance to see how far we still have to go’
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
White people become less racist just by moving to more diverse areas, study finds
Exclusive: Impact of immigrants on British workers ‘negligible’
- 1 To those who can’t see the point of International Women’s Day: you are the very reason it exists
- 2 International Women's Day 2014: The shocking statistics that show why it is still so important
- 3 Orgasm machine to deliver climax at the push of a button
- 4 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...