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The Commission has authorised
The measures comprise a state guarantee on new liabilities issued by banks for maturities longer than 3 months and up to 5 years, a 6-months renewable swap between bank's debt certificates and Treasury bills, and a state guarantee for banks in favour of third parties lending them high-grade assets which are in turn used by the banks in the Eurosystem to get refinancing.
All three measures are open for solvent banks only. Their remuneration is based on European Central Bank (ECB) recommendations; the scheme also foresees specific top-ups for guarantees on liabilities longer than 2 years and for swaps between liabilities and Treasury bills.
In addition, the Italian central bank set up a one-month swap facility to allow a temporary exchange of government bonds held by the central bank with financial instruments held by banks and rated at least BBB; this facility is capped at €40 billion.