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02/10/2008
Gov's €400 bn Plan To Be Written Into Law
The Government's plan to guarantee the holdings of Irish banks has been accepted by the Seanad, and will soon be signed by the President.
In an attempt to settle Ireland's market amid worldwide uncertainty, Brian Cowen has used the Bill to pledge a €400 billion guarantee for the states largest banks.
It is hoped the signing of the deal on Thursday afternoon will invigorate the Irish Stock Exchange and summon in a period of recovery.
Amendments to the Bill were made in the Seanad, with the most important change being a stipulation that any agreement for support of a financial institution would have to be approved by both houses of the Oireachtas.
Due to these amendments being made, the bill now has to return for a final approval in the Dáil on Thursday morning before being signed by the President.
In what represents an exceptional move on behalf of the Irish Government, the Minister for Finance Brian Lenihan confirmed representatives of the public interest will be appointed to the boards of the institutions accepting government support.
He said the State was getting "deep into the banking system", and represents a real turning point in Irish fiscal policy.
(DW)
In an attempt to settle Ireland's market amid worldwide uncertainty, Brian Cowen has used the Bill to pledge a €400 billion guarantee for the states largest banks.
It is hoped the signing of the deal on Thursday afternoon will invigorate the Irish Stock Exchange and summon in a period of recovery.
Amendments to the Bill were made in the Seanad, with the most important change being a stipulation that any agreement for support of a financial institution would have to be approved by both houses of the Oireachtas.
Due to these amendments being made, the bill now has to return for a final approval in the Dáil on Thursday morning before being signed by the President.
In what represents an exceptional move on behalf of the Irish Government, the Minister for Finance Brian Lenihan confirmed representatives of the public interest will be appointed to the boards of the institutions accepting government support.
He said the State was getting "deep into the banking system", and represents a real turning point in Irish fiscal policy.
(DW)
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30 September 2008
Irish Banks Get Government Lifeline
Customers of Irish banks are now having their cash 'covered' after a surprise move from the Irish government late yesterday that it will "guarantee all deposits". The high-risk move had an almost immediate positive impact on early trading today, with the ISEQ index of Irish shares opening 3.4% higher, at 3,412 points.
Irish Banks Get Government Lifeline
Customers of Irish banks are now having their cash 'covered' after a surprise move from the Irish government late yesterday that it will "guarantee all deposits". The high-risk move had an almost immediate positive impact on early trading today, with the ISEQ index of Irish shares opening 3.4% higher, at 3,412 points.
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Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
