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LeasePlan receives 1.5bn Euro Dutch bailout

Date: 27 November 2008

Holland-based international leasing firm Leaseplan has received a 1.5bn Euro guarantee from the Dutch government.

The company requested the money in order to refinance its debt as regular credit avenues become more difficult.

Leaseplan, which is half-owned by Volkswagen, is the first company to take advantage of the Dutch government's 200bn Euro rescue fund.

David Stickland, finance director of LeasePlan UK, said: "This arrangement further secures funding for LeasePlan UK. We are the first business to have been given the new guarantee, which has been introduced in light of the continuing global financial situation.

"This guarantee underlines the fact that we are a secure, stable and safe business able to continue business as usual in these extraordinary times."

LeasePlan has a fleet of 1.3m cars across around 30 countries and its UK operation is the third biggest leasing company in the country.