Ireland saves it's banks a third way (God we're cool)

[Galway girl]

Option 1 Bailout (NO)

Option 2 Nationalise (NO)

Option 3 Gaurantee Capital (Yes)

Look at the Irish Stock Exchange this morning . Banks up 40% . We saved civilisation in the dark ages and we'll save the day again .

Obama beat mccain to the punch follow our lead !!!

[dipsydoodle]

1. Irish government guarantees banks - BBC Link

The Irish government has acted to shore up its financial system.

It is guaranteeing all deposits in Irish banks and all money borrowed by the banks from other financial institutions.

On Tuesday, the Department of Finance said the state would safeguard all deposits, bonds and debts in six banks and building societies for two years.

http://news.bbc.co.uk/1/hi/northern_ireland/7643572.stm

Refreshing common sense just for a change.

off topic, just for you Galway Girl : http://uk.youtube.com/watch?v=_7-PM_4aeE4

[Galway girl]

4. Thanks i love this song and i live 15 minutes from the boardwalk in this song

[greenman3610]

2. Please explain

what is
Option 3 Gaurantee Capital

[Galway girl]

3. Basically they are insuring the banks capital and deposits

This has a self fulfilling prophecy or restoring confidence and currently money is now pouring in from all over Europe . if the deposit accounts grow this in turn brings the balance sheet back in the black

Pure Genius

[TooRaLoo]

5. Thanks for explaining for this economy noob (I mean me). nt

[Galway girl]

6. No problem read the bbc link posted below my post . USA should do this

We have insured the banks drastically reducing the chance of a collapse and even though the potential liability is 400bn . With confidence returning they won't have to pay out on this i would reckon especially now that deposits are pouring in

[Marsala]

7. Isn't that what we did with Fannie and Freddie? n/t

[Galway girl]

8. No you nationalised it

[dipsydoodle]

9. Further link here

The most important markets announcement this morning is that the Irish government has placed an unlimited two-year guarantee on all deposits and some debt in six Irish banks, to "safeguard the Irish financial system".

The emergency measure follows an extraordinary 26% fall in Irish bank shares yesterday.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

[Galway girl]

10. I think it will work

In two years whatever happens will have happened