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Ireland reveals plans to bring an end to controversial guarantee for banks

AFP
February 28, 2013, 12:44 am TWN

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LONDON -- Ireland announced Tuesday it will end a controversial blanket bank guarantee scheme that was introduced in 2008 when bank shares collapsed at the onset of the eurozone crisis.

“I am very pleased to announce the government's decision to end the bank guarantee for new liabilities from midnight on 28 March 2013,” Irish Finance Minister Michael Noonan said Tuesday evening.

The blanket guarantee, called the Eligible Liabilities Guarantee Scheme (ELGS), was introduced in September 2008 as a measure to maintain the stability of the eurozone nation's financial system.

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