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Ulster bank applies to join rescue scheme
03/10/2008
The Ulster Bank has applied to join the scheme put forward by the Irish government that protects deposits should a financial crisis occur, it has been reported.
Legislation which was needed to make the plan final was approved in Irish parliament yesterday, the BBC has said.
Ministers have said the scheme might be extended to foreign banks if they had a significant number of Irish customers - but this will be done on a case-by-case basis.
In news that might be of interest to solicitors, the bill was passed on Thursday in the upper house but was taken back to the lower house for final approval after a number of amendments were made to it.
Finance minister Brian Lenihan said that the Irish state was "getting deep" into the banking system and that the taxpayer must be protected.
The government's €400 billion (£313 billion) guarantee applies to the Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and the Educational Building Society.
Leader of the Irish Labour party Eamon Gilmore said told the Guardian on Wednesday that his party "could not" support the package unless pay caps on executive pay were added to it.
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Legislation which was needed to make the plan final was approved in Irish parliament yesterday, the BBC has said.
Ministers have said the scheme might be extended to foreign banks if they had a significant number of Irish customers - but this will be done on a case-by-case basis.
In news that might be of interest to solicitors, the bill was passed on Thursday in the upper house but was taken back to the lower house for final approval after a number of amendments were made to it.
Finance minister Brian Lenihan said that the Irish state was "getting deep" into the banking system and that the taxpayer must be protected.
The government's €400 billion (£313 billion) guarantee applies to the Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and the Educational Building Society.
Leader of the Irish Labour party Eamon Gilmore said told the Guardian on Wednesday that his party "could not" support the package unless pay caps on executive pay were added to it.
Contact us for legal advice
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