Germany adopts 480-bln-euro bank bail-out

BERLIN (AFP) — Germany's 480-billion-euro (650-billion-dollar) bank bail-out flew through parliament in an historic fast-track vote Friday to restore shattered confidence in the crisis-ridden financial sector.

The rescue package, the biggest ever in German post-war history, sailed through the lower house of parliament, or Bundestag, where 476 parliamentarians voted in favour, 99 against and one abstained.

It was then unanimously passed in the early afternoon in the upper house, or Bundesrat, comprising provincial legislators from Germany's 16 states.

There had been however been some grumbling from regional premiers earlier over the cost of the bailout, since they would have to shoulder 35 percent of the burden.

Finally, the plan -- which includes up to 80 billion euros in fresh capital for banks and 400 billion euros in guarantees in order to jumpstart stalled lending between banks -- was signed by President Horst Koehler.

That meant it could effectively come into force from Saturday once it had been published in the official gazette, opening the doors to any bank seeking aid from Monday.

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