On November 4, the European Union's executive body approved a rescue plan of the Spanish government, which will spend 30 billion euros (US$41 billion) to buy highly-rated assets of banks.

Under the Spanish scheme, a government-sponsored fund will purchase AAA rated covered bonds of banks through an auction. The fund can also buy highly-rated covered bonds or asset-backed securities with a high AA rating or above if the banks commit to re-purchase those assets at a pre-fixed price at a later date.

On November 5, the commission said it approved a package of measures by the Danish government to liquidate Roskilde Bank, the eight largest in the country falling prey to the financial crisis.

The Danish National Bank and the Danish association of private banks (DPB) took over, through a newly created entity, all assets and liabilities of Roskilde Bank, in August to wind up the bank's activities after a previous rescue effort failed.

On the same day, the commission said it had adopted the consolidated text of all accounting rules applicable in the European Union (EU).

The consolidated version puts together all International Financial Reporting Standards (IFRS) endorsed to date, including the latest amendments made in October, which will enable stakeholders to refer to only one single legal document.

On November 4, EU finance ministers signaled their support on Tuesday for a plan to double the bloc's crisis fund in emergency aid, to 25 billion euros, to its members severely hit by the financial crisis.

On October 31, the commission formally proposed to grant financial assistance of to Hungary and raise ceiling of EU aid to member states.

Under the proposal, Hungary will benefit of a medium-term loan amounting to a maximum of 6.5 billion euros (US$8.3 billion) with a maximum average maturity of five years.

The EU support is granted in conjunction with a loan from the International Monetary and the World Bank, with a total amount of 20 billion euros (US$26 billion).

Separately, the commission proposed to increase the ceiling of EU financial assistance for non-euro member states that experience difficulties with balances of payments to 25 billion euros (US$32 billion).

On October 31, the commission cleared a French financial bailout plan, under which banks will be able to get loans from a central agency, whose activities are guaranteed by the government, and they have to pay a premium to a normal market price.

The maximum sum that can be guaranteed is around 265 billion euros (US$345 billion), the commission said, describing it as an appropriate, necessary and proportionate means of remedying a serious disturbance in the French economy.

Also on October 31, the commission approved a Dutch financial rescue plan involving guarantee of 200 billion euros (US$261 billion of bank loans.

On October 30, the commission gave green light to a Swedish bailout plan with 150 billion euros (US$197 billion) available to stabilize financial markets.

On the same day, the EU executive arm said it had approved a Portuguese rescue package of 20 billion euros (US$26 billion)scheme on state aid to overcome the financial crisis.

On October 28, the European Commission approved a German rescue package which would use 500 billion euros (US$623 billion) to stabilize financial markets.