Belfast Telegraph

Bank guarantee scheme extended

Ireland has secured European Commission approval to extend its bank guarantee scheme.

Finance Minister Brian Lenihan revealed the move will give continued protection to 153 billion euro worth of deposits.

He said: "Today's announcement is a most welcome development and will underpin the Government's efforts to restore the financial system and support the funding position of the participating institutions in the guarantee scheme.

"The Government is determined to rebuild consumer and investor confidence in our financial system which has an important role to play in ensuring businesses, and notably SMEs (Small and Medium-sized Enterprises), can invest for growth.

"The approach has now received the endorsement of both the European Commission and the ECB (European Central Bank)."

The guarantee, which is subject to review and approval every six months, was set to run out on December 31.

It has now been extended to June 30 next year.

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