‘Shareholders will pay cost’ of foreign banks pulling out

THE cost for any foreign bank pulling out of the country will be met by the shareholders of that bank, according to Finance Minister Brian Lenihan.

The finance minister was speaking as Bank of Scotland (Ireland) confirmed yesterday it is to close by December.

Speaking on RTÉ, Mr Lenihan said there had been too much lending in the Irish economy and that the cost for any foreign bank pulling out would be met by the shareholders of that bank.