Thursday, October 2, 2008

Britain angry as billions flood into Irish banks

Finance Minister, Brian Lenihan was coming under increasing pressure from Britain today as billions of pounds flowed into Irish banks because of the Government two-year guarantee on savings.

British Chancellor of the Exchequer, Alastair Darling intervened twice with the Irish Government on behalf of UK banks yesterday, amid fears that the Government's blanket guarantee was causing a flood of funds across the Irish Sea.

British Treasury sources, quoted by The Times of London, said Mr Lenihan was told "in no uncertain terms the scheme was a problem for the UK."

1 comment:

The Reviewer said...

This could be a shrewd move by Cowen, let's hope he holds out and doesn't bow down to foreign pressure.