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Call for EU-wide banks protection

Published:: 30 September 2008
Topic:: News,Money,Savings

The Irish Government has unveiled a two-year plan to guarantee all deposits in the country's six main banks over the period, and has called for the EU to follow suit.

The 400 billion euro (£315 billion) safeguard applies to all deposits and borrowings in Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society.

Brian Lenihan, the country's finance minister, said he had taken advice from the Governor of the Central Bank and the Financial Regulator about the impact of the recent international market turmoil on the Irish banking system.

He also called on the EU Commission to consider similar guarantees to bolster the banking system across the 27-state bloc.

"There is a need for a wider European approach on this so that there is a common standard of protection," Mr Lenihan said.

"It is important that Europe protects its financial systems but in the absence of a European-wide system there is an onus on the Irish Government to take action."