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Tue 09 Sep 2008Government guarantee sends bank shares higher
Shares in Irish banks rose sharply today after the Government placed an unlimited two-year guarantee on all deposits and certain debt in six Irish banks in a move designed to “safeguard the Irish financial system”.
The move comes two weeks after the deposit protection limit of €100,000 was introduced by the Government and follows yesterday's record losses for Irish financial stocks, with Anglo Irish Bank shares falling 46 per cent. Banking shares fell 26 per cent on the Iseq yesterday.
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