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The stability of the financial system trumps perfect competition in a single market

Bloomberg:Ireland May Bypass Competition Laws to Protect Banks (Oct. 1)

Ireland's government could bypass competition laws to approve a merger of two financial institutions should this be necessary to maintain stability in the banking system, according to a proposal before the country's parliament.

Finance Minister Brian Lenihan could approve a transaction even if it reduced competition, should the deal be necessary ``to avoid a serious threat to the stability of credit institutions,'' according to the Credit Institutions Financial Support Bill 2008, which lawmakers in Dublin began debating last night.

The bill, published late yesterday, is intended to enact Ireland's proposed guarantee of the deposits and debts of six lenders. The debate in parliament continues today.

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
by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 05:17:21 PM EST

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