On December 15, the U.K. government announced proposed changes to its 2008 Credit Guarantee Scheme, including a reduction in fees for participation in the program, a lengthening of the term of the program from 3 years to 5 years (i.e., to April 2014), and an expansion of the program to cover qualifying debt issued in currencies other than Sterling, Euro and U.S. dollars. The changes will become effective upon determination by the European Commission of the European Union that the program, as changed, does not run afoul of state aid rules of the European Community Treaty. HM Treasury Release.