Three of the major banks in Portugal said yesterday they intended to use the extraordinary financing program to counter the current global financial crisis.

Portugal has created an extraordinary financial regime under which the country gives special guaranties to the banks.

The regime aims to improve the conditions that allow the reestablishment of liquidity at the financial market to guarantee financial stability and regular financing of the economy.

The Portuguese Commercial Bank, Espirito Santo Bank and Portuguese Bank of Investment said worsening market conditions have prompted them to activate the medium-and-long term financing program given by the Portuguese government as guarantees.

Under the liquidity plan set for 2008, the three banks also prepare to lend debts.

The worst financial crisis since the 1930s, which has lasted for weeks, has prompted governments across the world to adopt various emergency measures to rescue banks.