independent

Monday 21 April 2014

Government announces end of bank guarantee

Finance Minister Michael Noonan

THE bank guarantee will stop covering new funds in a month's time.

Finance Minister Michael Noonan has announced the ending of the guarantee, which he says has proved controversial.

He said the time is right and the banking system is normal enough to survive without the guarantee and operate without artificial support.

Mr Noonan said from the end of next month, March 28th, no new liabilities will be guaranteed under the scheme.

Money and assets under guarantee will remain covered, he said.

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