The German Government has approved a bad bank plan today to relieve lenders of toxic assets with the aim of boosting confidence in the troubled banking sector. The plan now goes on to be approved by parliament
The cabinet also approved a seperate plan outlining the development of a further bad bank model for Germany’s publically owned Landesbanks. The plan is aimed to be completed in the coming weeks.
EUR/USD is a touch firmer, presently at 1.3700.