Australia sets up emergency $1.3 bn car fund

Reuters
Posted: 2008-12-05 09:25:16+05:30 IST
Updated: Dec 05, 2008 at 0925 hrs IST

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Canberra: Australia will set up a special financing trust with the support of leading banks to help provide finance for car dealers struggling with the global financial crisis, Treasurer Wayne Swan said on Friday.

The fund would be worth around A$2 billion ($1.3 billion), Swan said, and will enable car dealerships to find long-term sources of financing following the withdrawal of car-loan providers GMAC and GE.

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