Opposition seeks strict conditions on deposit guarantee

Opposition parties are demanding that the Government attach strict conditions to the wide ranging deposit guarantee it is providing to help prop up Irish-owned banks.

The Dáil is continuing to debate the proposed legislation today after sitting late into the night last night.

The bill includes a state guarantee for all deposits in the six Irish-owned banks.

Labour Party finance spokesperson Joan Burton says the salaries of top bank executives should be capped as part of the move, while the reckless actions of the banks should also be more tightly regulated.

Fine Gael spokesman Richard Bruton, meanwhile, says a government representative should be appointed to the board of any bank that avails of the guarantee scheme.

He also says stringent oversight is critical to ensure confidence in the plan and to protect taxpayers' money.

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