Furthermore, these recommendations included a pricing system for the government guarantees on bank debt. The EU governments agreed to provide guarantees for new medium-term bank senior debt (up to 5 years) under a scheme to expire on 31 December 2009.
Banks have begun to make use of this measure: at the beginning of 2009, the outstanding volume of government guaranteed unsecured bank bonds amounted to EUR 58 billion in the euro area, and EUR 97 billion in the EU. More banks have indicated their intentions to issue similar bonds.