Who has done what
Ireland
Ireland has given a blanket guarantee on all deposits and also underwritten all the liabilities of the six Irish-owned banks. Negotiations are under way to include a number of foreign-owned Irish banks. The first €100,000 on deposit at all Irish banks is guaranteed.
US
The Bush administration's $700 billion bailout package, which would see it purchase "toxic loans", was passed following concessions to law makers. Some banks have been rescued (Freddie Mac, Fannie Mae, Bear Stearns) while others have been allowed fail (Lehman Brothers). Insurer AIG was effectively nationalised following the provision of up to $85 billion in funding on September 16th.
Iceland
The government is reportedly negotiating a €10 billion injection of capital into the island's banking system. In exchange Iceland's two largest banks, Kaupthing and Landsbank, will sell off foreign assets and repatriate profits. Trading was yesterday suspended in bank stocks. Authorities last week rescued Glitnir, Iceland's third largest bank, investing €600 million for a 75 per cent stake.
UK
The UK government has followed last year's nationalisation of Northern Rock by taking over Bradford and Bingley's mortgage book and selling its branch network to Santander. Britain has introduced a £50,000 guarantee on individual savings, up from £35,000, under a compensation scheme funded by the sector. However, British chancellor of the exchequer Alistair Darling has made it clear that the government is offering an implicit 100 per cent guarantee on all deposits in a failing bank, if it is on the verge of collapse.
France
Last week French authorities contributed €1 billion as part of a rescue package of Dexia, the world's largest lender to local governments. President Nicolas Sarkozy promised last month that French savers would not lose a single euro, but the government has not increased its maximum protection per account of €70,000. The government has vowed to take stakes in, or even nationalise failing banks.
Spain
Spain's prime minister José Luis Rodriguez Zapatero yesterday met with leading bankers to discuss the way forward. finance minister Pedro Solbes, who is meeting with his euro-zone counterparts in Luxembourg, has said Spanish banks are solid and that the government would take measures to protect savers if needed.
Belgium
The government led rescue of Fortis, Belgium's biggest financial services firm, failed and it was sold to BNP Paribas, France's largest bank, for €14.5 billion. Belgium had joined with authorities in Luxembourg and the Netherlands to inject €11.2 billion into Fortis.
Luxembourg
Luxembourg joined with Belgium and the Netherlands in a €11.2 billion injection of cash into Fortis which failed to secure the financial services group's future. Following its purchase of the assets of Fortis in Belgium and Luxembourg, BNP Paribas officials reassured investors and account holders their interests were safe.
Italy
Prime minister Silvio Berlusconi has promised Italians they will not lose as much as "a single euro of their savings" and Italy is ready to defend its banks against "speculative attacks". UniCredit, Italy's second-biggest bank, is trying to raise €6.6 billion in capital. Italy has a €103,000 state guarantee.
Switzerland
The Swiss government has maintained that its banks are some of the best capitalised in the world and seem reluctant to intervene. Swiss bank UBS is the European bank with the biggest losses from the credit crisis
Austria
On Sunday finance minister Wilhelm Molterer said the state would provide an increased guarantee for deposits following a similar move in Germany, but said the exact amount guaranteed would be decided following discussions with other European finance ministers. Deposits had previously been guaranteed up to €20,000.
Greece
Greece was one of the first European nations to follow Ireland and provide a guarantee for all bank deposits. Yesterday finance minister George Alogoskoufis reiterated this "political commitment", and told reporters "If need be, we will activate it".
Germany
Government has provided an unlimited guarantee for savings deposits worth up to €568 billion. German authorities also led a €50 billion rescue package for Hypo Real Estate Germany's second-biggest property lender. The country's bank and insurers have also agreed to double a credit line to Hypo to €30 billion.
Netherlands
The Dutch government took control of Fortis's operations in the Netherlands in an €16.8 billion deal. The Dutch authorities previously took part in a €11.2 billion injection in an effort to save Fortis.
Denmark
Citing pressure from actions in other European countries Denmark announced a blanket guarantee for bank deposits. Banks will pay as much as €4.7 billion over the next two years to fund the scheme and will be banned from paying dividends, buying back their shares or issuing stock options to staff during that period.