Financial and Business News

1,800 banks in USA are applying for financial aid

Banking sector in the U.S. opened a new lucrative business - applying for government support in terms of financial crisis. According to survey of Wall Street Journal, 1800 banks in the United States are considering to benefit from state aid. Banks just recently utterly booked to be held this opportunity. There were concerns that receiving aid from the state is a sign of weak capital positions. But the mood of the market have changed: now for the worst may pass those banks that have not benefited from the state rescue package.
Nearly 1800 public listed banks in the U.S. will apply for financial support from the government. However, this is not the final figure: if the conditions for granting state money be favorable, even thousands of private banks may decide on the top step. The first step of the U.S. government was to draw 125 billion dollars in the nine major banks. More such funds to other banks are provided as part of the stabilization plan of 700 U.S. dollars billion On that top Finance Ministry has opened to help not only banks but also of non-bank financial institutions such as insurance companies. Some financial experts worry that the money would be insufficient.

Labels: Financial News

posted by Zoritza Petrova @ 11:02 PM