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02/10/2008
Government Move May Drive Up Bank Charges
Today's unprecedented move by the Irish Government to put €400 billion of taxpayers money up as a guarantee for Irish banks, may have had unforeseen consequences in the form of spiralling bank charges.
Reports this morning (Thursday) have revealed banks are poised to increase credit card rates, current account charges and overdraft costs.
The decision to guarantee the banks assets was made after frantic lobbying by the major financial institutions.
Brian Lenihan, the Finance Minister, claimed yesterday the move was necessary to avoid the collapse of one of Ireland's biggest banks, possibly leading to further collapses, but the guarantee was made with the stipulation that banks would return monies borrowed - with a profit - to the taxpayer.
However, the news shows that banks are now planning to pass this extra cost back onto the people who are supposed to benefit.
The guarantee has also caused a widespread reaction rippling almost worldwide.
It has emerged today that Mr Lenihan was contacted twice on Wednesday by the British Chancellor of the Exchequer Alistair Darling, as the Bill was being formulated.
The British government is understood to be 'furious' over the Bill which has led to an as yet untold amount of money draining from the 'unprotected' British banks into the Irish institutions.
Banking chiefs in Britain are said to have also reacted furiously to the Government's guarantee plan, claiming that the scheme is unfair and distorts competition.
According a report in The Guardian, Mr Darling is said to have told Mr Lenihan yesterday that "the scheme was a problem for the UK" and called on the Minister for Finance to offer the guarantee to British banks operating in the country too.
(DW)
Reports this morning (Thursday) have revealed banks are poised to increase credit card rates, current account charges and overdraft costs.
The decision to guarantee the banks assets was made after frantic lobbying by the major financial institutions.
Brian Lenihan, the Finance Minister, claimed yesterday the move was necessary to avoid the collapse of one of Ireland's biggest banks, possibly leading to further collapses, but the guarantee was made with the stipulation that banks would return monies borrowed - with a profit - to the taxpayer.
However, the news shows that banks are now planning to pass this extra cost back onto the people who are supposed to benefit.
The guarantee has also caused a widespread reaction rippling almost worldwide.
It has emerged today that Mr Lenihan was contacted twice on Wednesday by the British Chancellor of the Exchequer Alistair Darling, as the Bill was being formulated.
The British government is understood to be 'furious' over the Bill which has led to an as yet untold amount of money draining from the 'unprotected' British banks into the Irish institutions.
Banking chiefs in Britain are said to have also reacted furiously to the Government's guarantee plan, claiming that the scheme is unfair and distorts competition.
According a report in The Guardian, Mr Darling is said to have told Mr Lenihan yesterday that "the scheme was a problem for the UK" and called on the Minister for Finance to offer the guarantee to British banks operating in the country too.
(DW)
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Ireland's Financial Practices Face Total Overhaul
Government decisions in the last few days are to profoundly reshape the way Ireland will operate financially. Emergency legislation, announced on Tuesday by the Government, will mean the State can take a stake in any financial institution that receives financial support from the Exchequer.
Ireland's Financial Practices Face Total Overhaul
Government decisions in the last few days are to profoundly reshape the way Ireland will operate financially. Emergency legislation, announced on Tuesday by the Government, will mean the State can take a stake in any financial institution that receives financial support from the Exchequer.
10 May 2012
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
27 October 2010
We Are All In This Together – Taoiseach
In a candid address to the Dáil today, Taoiseach Brian Cowen has said everyone will have a part to play in the forthcoming budgetary hardships, saying "we really are all in this together".
We Are All In This Together – Taoiseach
In a candid address to the Dáil today, Taoiseach Brian Cowen has said everyone will have a part to play in the forthcoming budgetary hardships, saying "we really are all in this together".
02 December 2011
Bank Guarantee Is Passed In Dáil
The Dublin government has - after all - extended its controversial bank guarantee for another 12 months. In a move that has been described by critics as the most expensive political U-turn in the history of the Dáil, Fine Gael and Labour comfortably won the vote to extend the guarantee, with support from Fianna Fáil.
Bank Guarantee Is Passed In Dáil
The Dublin government has - after all - extended its controversial bank guarantee for another 12 months. In a move that has been described by critics as the most expensive political U-turn in the history of the Dáil, Fine Gael and Labour comfortably won the vote to extend the guarantee, with support from Fianna Fáil.
30 September 2010
Dáil's Anglo Bill 'At Least €29 Billion'
Ireland's financial regulator has revealed that the final cost of the taxpayer bailout of the Anglo Irish bank stands at €29.3billion, but could potentially rise to €34billion. The statement came as Finance Minister, Brian Lenihan fended off a volley of demands for the failed bank's total cost during the week.
Dáil's Anglo Bill 'At Least €29 Billion'
Ireland's financial regulator has revealed that the final cost of the taxpayer bailout of the Anglo Irish bank stands at €29.3billion, but could potentially rise to €34billion. The statement came as Finance Minister, Brian Lenihan fended off a volley of demands for the failed bank's total cost during the week.
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