EU approves revised guarantee plan for banks
Friday November 20 2009
European Union regulators approved the Government’s revised plans to guarantee bank deposits and debt to stabilize its financial industry.
“The new guarantee scheme will give credit institutions access to medium-term state-guaranteed financing and provide Ireland with an effective means of restoring confidence in the financial markets, while at the same time limiting distortions of competition,” EU Competition Commissioner Neelie Kroes said in an e-mailed statement today.
The new guarantee excludes subordinated debt and extends to instruments with a maturity of as much as five years, the EU said.
- Ben Moshinsky
© Bloomberg
