# Govt to extend Guarantee



## Brownie10 (9 Oct 2008)

Just released on Bloomberg

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.


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