Europe

Noonan rules out levy on Irish bank deposits

’We would never hit depositors in Ireland. We believe €100,000 is sacrosanct’

A child takes part in a protest of about 40 people from Cyprus outside a Eurogroup meeting at the European Council building in Brussels. Photograph: Sebastien Pirlet/Reuters
A child takes part in a protest of about 40 people from Cyprus outside a Eurogroup meeting at the European Council building in Brussels. Photograph: Sebastien Pirlet/Reuters
Sun Mar 24 2013 - 18:19

Minister for Finance Michael Noonan today ruled out imposing a Cyprus -style levy on Irish bank deposits.

Speaking on his way into a meeting of Eurogroup finance ministers in Brussels, Mr Noonan said he expected a deal on Cyprus to be agreed tonight.

"I think a deal will be done tonight but I think it will be late," Mr Noonan said, adding that many of the details around the rescue package for Cyprus had to be worked out.

"We would never hit depositors in Ireland. We believe €100,000 is sacrosanct," Mr Noonan said, referring to the Europe-wide deposit guarantee that protects savings up to that amount.