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While European finance ministers pledged this week that they would have a backstop plan for vulnerable banks, in practice that task will be left to national banking regulators, who have varying levels of resources and political will.
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He says Ofcom would have reservations about being a backstop regulator for the press.
It will also reduce its program for lending Treasury securities, and it will eliminate a special loan program created as a backstop for money market mutual funds.
The company had withdrawn an earlier bid over the weekend because the federal government refused to provide a backstop for the deal the way it had for Bear Stearns.
Those opposing reform argue that emergency rooms are always available as a backstop for those without insurance.
The state is acting as a backstop for informal monitoring: in stable societies, transactions between strangers are mostly self-policing.
A fund of 440 billion euros (about $600 billion) was set up in May as a backstop for European countries.
For this to work, there must be a European banking resolution mechanism to recapitalize banks and provide a backstop for a euro-zone-wide deposit guarantee scheme.
Second, banks will at last agree to a deposit-insurance scheme, a backstop for savers if a bank ever goes bust.
"There is now a backstop for Greece, so that the scenarios that were circulating in terms of potential failure are now completely irrelevant," he said.
In a statement, Mr. Bush said the stockpile was created as a backstop for times when the supply of oil has been seriously disrupted, such as a war.
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