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25 Maj 2010: Germany Takes Action to Defend the Euro
After long debates and public opposition, the German parliament finally approved to contribute 148 billion euros to the emergency debt package on Friday. The new bill came into effect after 319 votes favoured it, compared to the 73 against and 195 abstained.
Despite the clear public anger (51 percent of Germans polled opposed the German aid euro package, according to a survey), the German chancellor Angela Merkel along with the finance minister Wolfgang Schaeuble defended the bill noting that this action is vital for the euro. ...
 
08 Okt 2008: ECB, Fed and other central banks cut interest rates
The European Central Bank unexpectedly cut interest rates in co-ordination with other central banks after the global credit crunch pushed borrowing costs to records and forced governments across Europe to bail out banks.
The ECB lowered its benchmark lending rate to 3.75 percent from 4.25 percent, effective from October 15, the Frankfurt-based bank said in a statement.
The move sparked immediate calls for Irish banks to pass on the 0.5 percentage point cut in rates to mortgage holders. If the full amount was passed on it would see an average €250,000 mortgage over 25 years drop by up to €90.
 
30 Sep 2008: TransferMate Transfers 100% Secure
The Irish Government today announced a two year guarantee on Irish banks’ deposits and debts.
As a 100% Irish owned company, TransferMate can guarantee the security of all our international transfers.
We have foreign exchange accounts in the Irish banks safeguarded by the new Government arrangement meaning customers lodging funds through our TransferMate service are guaranteed total security for their lodgements.
No other country has issued this safeguard – putting TransferMate ahead of all other foreign exchange providers based outside of Ireland.
The Government’s guarantee is effective immediately and will safeguard all deposits, covered bonds, senior debt and dated subordinated debt with Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society until September 2010.
The move is in response to the impact of the recent international financial market crisis on the Irish banking system and shows great resolve by the Irish Government. It aims to maintain financial stability in the Irish economy.
This 100% guarantee is in contrast to other countries in the Eurozone who only provide a guarantee to a maximum of €20k. ...
 
30 Sep 2008: The following statement was issued by the Government today (September 30 2008)
The Irish Government has decided to put in place with immediate effect a guarantee arrangement to safeguard all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and dated subordinated debt (lower tier II), with the following banks: Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society and such specific subsidiaries as may be approved by Government following consultation with the Central Bank and the Financial Regulator. It has done so following advice from the Governor of the Central Bank and the Financial Regulator about the impact of the recent international market turmoil on the Irish Banking system. ...
 
19 Sep 2008: Billions shoveled out to banks
Central banks inject $180bn into banking systems around the world to address shortage of US dollars after Lehman Brothers declared bankruptcy. Stressed money markets found themselves short of dollars after many Banks who have dollar reserves blocked at Lehman Brothers.