Irish Guarantee extended to HBOS, RBS, IIB and Postbank

The Irish Government’s guarantee scheme is to be extended to foreign-owned banks with “significant” operations in the State, the Minister for Finance Brian Lenihan said today.

In a statement the Minister said Ulster Bank and First Active (owned by Royal Bank of Scotland); Halifax and Bank of Scotland; (owned by Halifax Bank of Scotland) , IIB Bank and Postbank would all be eligible for the scheme.

Full details of how the scheme will operate are still to be finalised but are expected to come before the Dáil “as quickly as possible”.