LeasePlan has secured a €1.5 billion guarantee from the Dutch government in light of the continuing global financial crisis.

The company, which is half-owned by Volkswagen, is the first to take advantage of the Dutch government’s €200 billion rescue fund.

“This arrangement further secures funding for LeasePlan UK,” said David Stickland, finance director of LeasePlan UK Ltd.

“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.”

The additional money will enable the multi-national company, which has a fleet of over 1.3 million vehicles, to refinance its debt as regular credit avenues become more difficult.