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Fri 07 Jul 2010Guarantee based on belief banks had €500bn assets
The Government believed the risk to the taxpayer from its €400 billion bank guarantee scheme was offset by €500 billion in assets held by the banks, according to financial documents released by the Oireachtas Public Accounts Committee this morning.
A briefing document compiled by Department of Finance officials for the Taoiseach, dated September 30th - the day the guarantee was announced - suggested the financial exposure to the taxpayer was mitigated by a "very substantial buffer" of assets.
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