This is the name of the Bill which will allow the Irish Government to guarantee deposits in certain Irish Banks and Building Societies. The Bill has not yet been passed through the Dail – but is expected to be put through later today.
There has been some complaints from NIB , Halifax and Ulster Bank – they are excluded from the guarantee and a re probably worried that they will lose funds as customers move money to the banks covered by the guarantee.
Bank of Scotland (Ireland) the owner of Halifax Ireland has applied to Minister for Finance Brian Lenihan to be included in the guarantee announced yesterday.
The third-largest bank operating in Ireland, Ulster Bank Group, which is owned by UK bank Royal Bank of Scotland, has initiated discussions with the Government to be covered by the guarantee.
NIB is also understood to have requested a meeting with Government with a view to be included by the State cover. The bank has stressed that it does not need State assistance because of its strong financial rating but believes it has been put at a disadvantage because of the Government’s plan.