Investment managers give Lenihan a lifeline

FINANCE Minister Brian Lenihan was thrown a lifeline yesterday by Irish fund managers who pledged €2 billion to help fund the beleaguered banks.

The overall package involves an investment of €4bn because the fund managers represented by the Irish Association of Investment Managers (IAIM) expect the Government to match that amount.

It also said that it expects to raise further significant sums from overseas funds if the plan is endorsed by the Government.