Ireland Takes Steps to Safeguard it’s Banking System: Government to Guarantee All Deposits |
In case we wild and crazy Americans think we are the only ones whose banks and stock markets fall apart like $2 watches every 20 years or so, check out my cousins over in the Emerald Isle. Seems like the dear lads have got themselves into a bit of a sticky wicket, so to speak.
Since we are on the subject of All Things Irish, as an added bonus, ( at least I’d like to think it’s a bonus ) I’d like to throw in one of my favorite Irish sayings.
“May those that love us, love us. And those that don’t love us, may God turn their hearts. And if He doesn’t turn their hearts, may He turn their ankles, so we’ll know them by their limping.”
~~John Cronin~~
By Aude Lagorce, MarketWatch
Tags: Ireland, Irish Bank StocksLONDON (MarketWatch) — The Irish government Tuesday said it will guarantee domestic banks’ deposits and debt for two years to allay fears of an imminent collapse of its banking system after shares in the sector lost more than a quarter of their value in Dublin Monday.
“The government has decided to put in place with immediate effect a guarantee arrangement to safeguard all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and date subordinated debt,” the finance ministry said in a statement.
The measure sent banking shares soaring. Anglo Irish Banks rose 16% in volatile Dublin afternoon trading. Bank of Ireland shares climbed 18% and Anglo Irish Bank added 41%. Irish Life and Permanent shares gained 26%.
The recovery in the banking sector lifted the ISEQ 20, which rose 6.1% to 521.04, after a drop of roughly 13% on Monday.
