Bailout legislation protecting domestic deposits in Irish national banks was signed into law by President Mary McAleese at 3:30 PM (Irish time).
The Government has decided to put in place with immediate effect a guarantee arrangement to safeguard all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and dated subordinated debt (lower tier II), with the following banks: Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society and such specific subsidiaries as may be approved by Government following consultation with the Central Bank and the Financial Regulator.
On State involvement in the banking sector, Mr Lenihan said he did not favour taking shares in banks if it could be avoided. "I don't believe the State should be taking risks on private enterprise. If there's a need for rationalisation in the banking industry then lets get on with that," he said.
"I don't believe the State should be taking risks on private enterprise. If there's a need for rationalisation in the banking industry then lets get on with that," he said.
Only the shareholders take risks, well known fact.
Who the fuck do they think they're kidding? (Apart from the Dáil) A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
