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IRELAND'S FINANCE MINISTRY ISSUES STATEMENT ON BANK GUARANTEE
2008-10-09 09:46:37.150 GMT
(The following press release from Ireland's Finance Ministry was received
by e-mail. It was not confirmed by the sender.)
The Minister for Finance, Mr Brian Lenihan, TD, intends to extend Guarantee
Scheme.
The Minister for Finance, Mr Brian Lenihan, TD, confirmed today the
Government's intention that the Guarantee scheme for banks announced last week
would be available to certain banking subsidiaries in Ireland with a
significant and broadbased footprint in the domestic economy. The Minister said
that it is intended that Ulster Bank, First Active, Halifax Bank of Scotland,
IIB Bank and Postbank would be eligible for the scheme.
The Minister added that the scheme was in the advanced stages of drafting and
would be presented to Dail Eireann as quickly as possible. The Minister said,
``clearly, there will be some additional limitations and safeguards in relation
to these operations to ensure that the support provided relates to liabilities
arising from their position within the national economy, rather than to their
wider group.''
The Minister took the opportunity to welcome the announcement yesterday of
significant interventions in the UK banking market by the UK Government. The
Minister said that this broadranging package was another indication of the
determination of European Governments, signalled at Tuesday's ECOFIN meeting,
to provide support to systemically relevant financial institutions. The
Minister noted that EU Member States indicated their determination to take all
necessary measures to enhance the soundness and stability of our banking system
and to protect the deposits of individual savers.
The Minister said that Ireland would continue to be vigilant to protect the
security and stability of its financial system and is convinced of the
determination of our partners to do the same.
IRELAND'S FINANCE MINISTRY ISSUES STATEMENT ON BANK GUARANTEE
2008-10-09 09:46:37.150 GMT
(The following press release from Ireland's Finance Ministry was received
by e-mail. It was not confirmed by the sender.)
The Minister for Finance, Mr Brian Lenihan, TD, intends to extend Guarantee
Scheme.
The Minister for Finance, Mr Brian Lenihan, TD, confirmed today the
Government's intention that the Guarantee scheme for banks announced last week
would be available to certain banking subsidiaries in Ireland with a
significant and broadbased footprint in the domestic economy. The Minister said
that it is intended that Ulster Bank, First Active, Halifax Bank of Scotland,
IIB Bank and Postbank would be eligible for the scheme.
The Minister added that the scheme was in the advanced stages of drafting and
would be presented to Dail Eireann as quickly as possible. The Minister said,
``clearly, there will be some additional limitations and safeguards in relation
to these operations to ensure that the support provided relates to liabilities
arising from their position within the national economy, rather than to their
wider group.''
The Minister took the opportunity to welcome the announcement yesterday of
significant interventions in the UK banking market by the UK Government. The
Minister said that this broadranging package was another indication of the
determination of European Governments, signalled at Tuesday's ECOFIN meeting,
to provide support to systemically relevant financial institutions. The
Minister noted that EU Member States indicated their determination to take all
necessary measures to enhance the soundness and stability of our banking system
and to protect the deposits of individual savers.
The Minister said that Ireland would continue to be vigilant to protect the
security and stability of its financial system and is convinced of the
determination of our partners to do the same.