Monday, Dec 15, 2008
They're raiding their pension pot for this bailout - shocking stuff
Irish Independent: Irish government in €10billion bank recapitalization plan
The Government last night announced a €10bn rescue fund for the banking sector.
The surprise announcement came after intense weekend talks involving senior government members and banking advisers.
In a statement last night, the Government said it may use some of the €18bn in the National Pension Reserve Fund to pump money into the ailing banking sector
Posted by little professor @ 11:12 AM (404 views) Add Comment
2 Comments
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1. little professor said...
“What I’m mainly concerned about is that the banks are in a position to extend credit,” Finance Minister Brian Lenihan told state broadcaster RTE. “That’s why we want to make this gesture, a demonstration of confidence in the banks, by upping their capital to show that their buffers are so strong, they are indestructible.”
2. drewster said...
Let's hope Gordon doesn't get wind of this.
Oh wait, the UK doesn't actually have a pension "fund" - our state pensions are paid from tax revenues!