Irish government to guarantee all deposits - Spear's Magazine

Irish government to guarantee all deposits

The Irish government announced that it would guarantee all bank deposits for two years to maintain financial stability and calm investor fears amid international financial turmoil.

The credit crisis has hard-hit Irish bank stocks, which fell by an average of 25 percent in Dublin Monday. Ireland is the first eurozone economy to slide into recession.

The scheme, which starts immediately and ends in September 2010, also guarantees covered bonds, senior debt and dated subordinated debt.

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