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Do Irish banks now have a competitive edge?

News that the Irish government has guaranteed all bank deposits in the country has led to some rather serious questions across Europe with the European Commission now taking a more of an interest in the situation. Aside from the fact there are many who actually believe that the scheme is illegal many are now starting to ask whether Irish banks have a competitive edge over their European counterparts?

However, the Irish government has hit back claiming that as part of the arrangement the authorities will charge banks a variable figure depending upon the size of the their business and the assistance required. There may also be a short term ban or reduction in advertising for the banks as the authorities look to get the banking industry bank on track.

While the move by the Irish government was brave it does beg the question as to whether a bank which will guarantee ALL of your savings has an advantage over a bank which will only guarantee the first £50,000. Even though the scene was not introduced to increase the attractions of the banks to new customers, more just to retain old customers, there are still a number of questions which need to be answered.

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