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pital increases.62 Small banks and savings banks have been 62. Like other European countries, the Spanish government has taken a number of exceptional measures to shore up confidence in the financial system (Box 3). As part of the package, the Spanish government established a a??30 billion fund (which may be raised to a??50 billion)-Fondo para la Adquisición de Activos Financieros (FAAF)-to provide liquidity to the banking sector by purchasing, on an outright or temporary basis, high quality bank liabilities (asset-backed securities with 3-5 year maturity).

栏目3.西班牙政府对银行的救援-Box 3. Spanish Government Assistance to Banks

Following the common framework agreed by euro-area countries, the Spanish government has taken the following exceptional measures:
a€￠ The limit of the deposit guarantee was raised from a?? 20,000 to a?? 100,000.1/
a€￠ A a?? 30 billion fund (which may be raised to a?? 50 billion) was established to purchase high quality asset-backed securities issued by credit institutions: the FAAF.2/ The operations can take the form of outright purchases or long-term swap operations (12 months or longer). Asset eligibility is slightly different in the two cases. In particular, outright purchases can be carried out for CHs and securities backed by CHs issued before October 10, 2008, traded (or in the process of being traded) in a regulated market, carrying a triple-A rating, and with a maturity no longer than the one specified in the auction. In the case of swap operations eligible assets comprise CHs and securities backed by CHs, or credit to individuals or non-financial companies and institutions provided that these securities have been issued after August 1, 2007, meet the ECB's eligibility requirements,and carry at least a rating of double-A. The FAAF consists of two separate portfolios; one for each type of operations. To safeguard a sufficient diversification, the FAAF cannot allocate more than 10 percent of its resources in each portfolio to a single entity. The FAAF's operations are conducted through an American-Type Auction; a fraction may also be allocated through non-competitive auctions. In each auction, individual allotments cannot exceed the lowest between the above-mentioned 10 percent limit of FAAF's portfolio and the result of the product between 2.5 times a credit institution's share in total credit to the domestic non-financial private sector and the amount offered.
a€￠ Government guarantee may be provided for credit institutions' new debt issues. The amount of the scheme approved in 2008 is a?? 100 billion to be used by mid-December 2009.3/ A possible
additional a?? 100 billion might be allotted in 2009 if market conditions do not improve. As agreed within the EU, the pricing depends on debt maturity, CDS spreads, and rating of the originators:
Table 4. Spain: Pricing of the Government Guarantee
Maturity Commission Fee
Less or equal to 1 year Flat fee of 50 bp.
Greater than 1 year Flat fee of 50 bp plus:
a€￠ For beneficiary institutions with CDS data; the lowest between:

1) the median of the 5 year CDS spreads calculated over the period January
1,2007 - August 31, 2008;
2) 36.5 bp for institutions with AA rating;
3) 44.8 bp for institutions with A rating.
a€￠ For beneficiary institutions without CDS data, or without representative CDS
data, but with a credit rat