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Irish government expands bank guarantee to 5 foreign banks

In a move which could actually see Ireland sidelined from major involvement in the EU over the next few years it has been announced the government has extended the 100% guarantee on bank deposits to 5 more banks, all foreign owned. This has caused fury in the EU where ministers have been scratching their heads as to why the likes of Ireland and Germany seem to be going it alone.

The banks in question are Irish-Benelux, Postbank, Ulster Bank, HBOS, First Active and IIB all of which are well backed banks. However, by putting even the slightest of doubts over the above banks the Irish government could inadvertently be making it worse for the banks in question!

The Irish authorities are playing a very dangerous game at the moment because while it is fine to look after your own national interests there is a need to appreciate the affect any moves may have on the EU as a whole and all of the other members. There is no doubt that at some stage in the future the Irish authorities will suffer for these moves as EU ministers are literally at boiling point over what they see as an undermining of the collective EU approach to the problems.

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