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. ...Read More
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. ...Read More
Bank of England holds rates in waiting game
The Bank of England sat on the fence on Thursday, holding interest rates at 5 per cent as its monetary policy committee bought time to see how the oil shock and credit crisis will affect the economy.
The MPC did not explain its decision, as usual when there is no change, but statements from committee members over the past month have indicated they cannot yet gauge whether the economy is deteriorating much faster than desired, or whet-her there is a risk of high inflation becoming a feature of British life once again.
Read the at FT.com
Pound surges after sales shock
Sterling surged higher on Thursday after a surprise jump in UK retail sales prompted speculation that the economy might be weathering the current storm more robustly than previously thought. ...Read More
UK inflation data boost pound
Sterling rose sharply on Monday after data showed UK factory gate inflation hit a record high in May, putting pressure on the Bank of England not to cut interest rates. ...Read More