SIPTU: Banks should pay top rates for govt guarantee

SIPTU: Banks should pay top rates for govt guarantee

Ireland's largest trade union says the banks should be forced to pay premium rates for the guarantee they are receiving from the taxpayer.

Finance Minister Brian Lenihan announced this morning that the Government was guaranteeing all deposits in Irish-owned banks in an effort to prevent economic stagnation.

SIPTU says the move should build confidence and could even give Irish banks a competitive advantage.

It says the banks, which have made massive profits in recent years, should therefore pay a "decent" premium to the taxpayer.

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