Stockholm - The Swedish parliament Wednesday approved a stability plan including the establishment of a fund to help banks that run into problems in the future.

Financial Markets Minister Mats Odell said the "stability plan would take immediate effect."

The plan included safeguarding deposits and restoring confidence between the financial institutions.

The government would also take over preferential shares if a bank requested funds.

The government would double the state guarantee to 500,000 kronor (62,000 dollars) for deposits in Swedish-owned banks.