We welcome and support the adoption of the systemic rescue plan announced by the US government on 19-20 September, which will contribute to re-establish the normal operation of financial markets and preserve employment and economic activity.
The plan seeks to provide the US treasury with authority to issue up to US$700 billion of treasury securities to finance the purchase of troubled mortgage-related assets from financial institutions that operate in the US. Announcement of the plan has already triggered a partial return to normality in US and world financial markets.
Such a recovery should continue as the plan’s operational, fiscal, and legal details are worked out in ongoing negotiations between the US government and congress and are enacted as federal law.
Read the full statement...
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