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The Irish Government to safeguard all deposits

The Irish Government has announced it will guarantee all deposits in the wake of turbulence in the international financial markets.
In response to the announcement, shares in the three biggest banks climbed.

This will effect pensions as behind Sipps invariably lies a bank account. Commenting, Richard Jacobs managing director at Richard Jacobs says: “The Irish Governemtn is securing all bank accounts, so why can our Government not do the same?”

The scheme will run to 2010 and will also guarantee covered bonds, senior debt and dated subordinated debt.

Banks that take this up will be charged and it will be subject to specific terms and conditions so that the taxpayers’ interest can be protected.

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