The Ministry of Finance introduced a new U.S. plan to rescue the banking sector.

KommentariiPlanov gromade16.01.2009Kongress the U.S. supported the rescue of an old program of the U.S. economy and to take up novoyMinistr the United States Timothy Gaytner presented February 10, the long-awaited plan to rescue the country's banking system. Reported AFP.
Plan of the Ministry of Finance will establish a special fund (Public-Private Investment fund), which would purchase bad assets of banks. The size of the fund will be $ 500 billion, but in the future could reach a trillion dollars. Earlier in the press, the fund known as the "bad bank", as it accounts would accumulate substandard assets.
Total spending on the plan to rescue banks and unfreezing the credit market will be up to two trillion dollars, said Bloomberg. In particular, the MOF will work with the Federal Reserve in order to allocate a trillion dollars in loans. Previously, it was assumed that the Fed would send for this purpose only the $ 200 billion. In addition, the plan involves investing in banks at the expense of convertible preferred securities (convertible preferred securities).
It should be noted that immediately after the promulgation of this information, the U.S. stock indexes began to decline sharply. By 20:00 Moscow time Dow Jones collapsed by over three percent, down below the 8000 points. Nasdaq lost 2.68 percent and is at the level of 1548 points.
Remember, this is not the first plan, which is developing the U.S. government to cope with shortages of liquidity. In autumn 2008, the U.S. government developed a program of TARP, involving an investment of $ 700 billion dollars. So far had been spent only half of these funds. In addition, another plan, which was published in early 2009, to spend $ 800 billion, but not for banks and for infrastructure projects and economic development.