Financial Times FT.com

Green light for car groups to tap bank rescue cash

By Richard Milne in London, Daniel Schäfer in Erlangen,and Ben Hall in Paris

Published: October 21 2008 03:00 | Last updated: October 21 2008 03:00

German and French carmakers will be allowed to tap their governments' banking rescue plans for financial support, according to government officials.

Both the German and French finance ministries said yesterday that the financing arms of carmakers could use the state guarantees for new lending of up to €400bn ($537bn) and €320bn ($430bn) respectively.

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