Bank of Scotland and Halifax opt out of guarantee scheme

Bank of Scotland (Ireland) and Halifax announced this afternoon that they will not be applying to join the Government's bank deposit guarantee scheme.

The bank, which is part of the HBOS group in the UK, said it no longer needed to apply, because it is covered by the British government's own scheme.

It also said that joining the Irish scheme would restrict the bank's ability to compete "during these difficult times".

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