State moves to support nervous financial sector

The government made its first dramatic intervention to shore up confidence in the Irish financial sector yesterday with a new guarantee for savings of up to €100,000.

20th September, 2008

The government made its first dramatic intervention to shore up confidence in the Irish financial sector yesterday with a new guarantee for savings of up to €100,000.

The unexpected move is the first stage of the response from the government and the Financial Regulator to the unprecedented international financial crisis.

In his announcement, Finance Minister Brian Lenihan said money placed with Irish credit institutions would not be at risk.

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