The ongoing banking crisis in the developed world is set to top the agenda at a meeting of EU finance ministers in Brussels today.

Brian Lenihan will be representing the Irish Government at the talks, which follow unprecedented moves by several EU countries to prevent their financial systems from collapsing.

Ireland came in for criticism from the European authorities last week over its unilateral move to guarantee the deposits of the six Irish-owned banks and building societies.

However, EU countries have failed to agree on a joint plan and a number of other states have also introduced Irish-style guarantees.

Over the weekend, Germany guaranteed all private savings in an effort to save one of the country's largest banks.

The Danish Government also said this morning that it would be guaranteeing all private deposits in an effort to stave off a crippling of the bank system.