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19/09/2008
Lenihan Asks Public To Remain Calm Over Finances
The Finance Minister has asked the public to keep their heads amidst the financial turmoil.
Brian Lenihan said the Financial Regulator has assured him Irish banks have adequate access to cash and that depositors' funds are secure.
The minister also welcomed Thursday nights move by the Regulator to ban the short selling of shares in a number of Irish banks.
Short selling results in the distortion of share values as investors sell anticipating a loss, to buy back their stock at a lower price.
Speaking in Dublin this morning, Mr Lenihan said it is important that people remain calm.
"The regulator has made clear that our banks have ready access to cash from the European Central Bank.
"What I would say to Irish savers is your deposits are secure and your Government will ensure the stability of our financial system," he said.
However, the Fine Gael Finance Spokesman, Richard Bruton, has said the Government, the Financial Regulator and the banks all need to do much more to reassure ordinary Irish depositors that their savings will be protected from the worsening global and domestic financial turbulence.
"Ireland's low level of deposit protection is causing serious concern for thousands of Irish households. Irish savers have protection for a maximum of 90% of their deposit, and no more than €20,000. This is relatively low compared to some other EU countries, particularly the UK where the first £35,000 (c. €45,000) of a deposit is fully protected."
The Minister added there is growing anecdotal evidence that Irish savers are moving their deposits to banks regulated in the UK, where deposit protection is greater.
"As a matter of urgency, the Minister for Finance should step in and direct the Financial Regulator to increase the level of deposit protection in Irish credit institutions to, at a minimum, the UK level," he said.
(DW)
Brian Lenihan said the Financial Regulator has assured him Irish banks have adequate access to cash and that depositors' funds are secure.
The minister also welcomed Thursday nights move by the Regulator to ban the short selling of shares in a number of Irish banks.
Short selling results in the distortion of share values as investors sell anticipating a loss, to buy back their stock at a lower price.
Speaking in Dublin this morning, Mr Lenihan said it is important that people remain calm.
"The regulator has made clear that our banks have ready access to cash from the European Central Bank.
"What I would say to Irish savers is your deposits are secure and your Government will ensure the stability of our financial system," he said.
However, the Fine Gael Finance Spokesman, Richard Bruton, has said the Government, the Financial Regulator and the banks all need to do much more to reassure ordinary Irish depositors that their savings will be protected from the worsening global and domestic financial turbulence.
"Ireland's low level of deposit protection is causing serious concern for thousands of Irish households. Irish savers have protection for a maximum of 90% of their deposit, and no more than €20,000. This is relatively low compared to some other EU countries, particularly the UK where the first £35,000 (c. €45,000) of a deposit is fully protected."
The Minister added there is growing anecdotal evidence that Irish savers are moving their deposits to banks regulated in the UK, where deposit protection is greater.
"As a matter of urgency, the Minister for Finance should step in and direct the Financial Regulator to increase the level of deposit protection in Irish credit institutions to, at a minimum, the UK level," he said.
(DW)
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