€8bn bank bailout in Ireland
Licensed archive · Attributed source reporting
411 Brief
The government of Ireland plans to inject €4 billion each into the Bank of Ireland and the Allied Irish Bank. An insurance scheme to underwrite bad debts would also be created and the banks will attempt to raise €1 billion from shareholders. The two banks have been in need of recapitalization for several weeks. The government had previously offered €2 billion. The deal will see the government take on up to €24 billion of risk from speculative property loans by the banks. The government has already moved to nationalize the country's third larg
The government of Ireland plans to inject €4 billion each into the Bank of Ireland and the Allied Irish Bank.
An insurance scheme to underwrite bad debts would also be created and the banks will attempt to raise €1 billion from shareholders. The two banks have been in need of recapitalization for several weeks. The government had previously offered €2 billion. The deal will see the government take on up to €24 billion of risk from speculative property loans by the banks.
The government has already moved to nationalize the country's third largest bank, Anglo Irish.
Sources & reporting note
Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 2 Feb 2009, 05:30 am IST
