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Clifford Chance

Clifford Chance


Debt Guarantee Schemes - Global Comparison

15 April 2019

Since the financial crisis intensified in September 2008, governments around the world have taken a range of steps to address bank instability and restore market confidence. As part of these measures, many governments are offering financial institutions the option to apply for a state guarantee of newly-issued debt obligations to facilitate access to funding while the market for new issues or other borrowings remains fragile.

Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Republic of Korea, The Netherlands, New Zealand, Portugal, Spain, Sweden, the United Kingdom and the United States have all announced state guarantee schemes for debt funding as part of their stabilisation measures.

Whilst all of the guarantee schemes have the same, overriding aim of facilitating access to funding, they are all different.

This briefing summarises available information on key features of the schemes in these 19 countries, as at 9 April 2009 (updating and replacing our earlier review dated 7 November 2008). We also contrast the coverage of the existing deposit protection schemes in these countries.

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