Commission approves extended guarantee

The European Commission has approved another extension of Ireland's bank guarantee, it was confirmed today.

The measure was initially approved in November 2009, and was last extended in June of this year.

The move means the State guarantee for credit institutions will run until June 30th, 2012.

"The commission found the extension of the measures to be in line with its guidance on state aid to banks during the crisis," the commission said in a statement. "The extended measures are well targeted, proportionate and limited in time and scope."