The value of shares on the Irish Stock Exchange was up more than 6% after almost two hours of trading this morning following the latest government efforts to shore up the global financial system.

In an effort to restore normal conditions, eurozone countries have agreed to buy shares in struggling banks and to guarantee all loans between banks until the end of next year.

The European Commission, meanwhile, has approved the Irish Government's deposit guarantee scheme following the inclusion of foreign-owned banks with large presences in the Irish market.

Just before 10am this morning, the ISEQ Index of leading Irish shares was up 6.3%, with bank shares all seeing their values rise.

AIB was up just over 5%, Anglo-Irish Bank by almost 15%, Bank of Ireland almost 5% and Irish Life and Permanent 13%.