Senior bank official gives thumbs-up to Govt's bank measures

A senior official at the European Investment Bank has said the measures unveiled by the Government are very "thorough" and will go a long way to restoring international confidence in the Irish banking system.

Vice-President of the EIB, responsible for Ireland, Plutarchos Sakellaris said it was important that the Government carried out stress tests on the banks and that it introduced a plan to overhaul the banking system.

Officials from EIB are meeting with the Central Bank Governor Patrick Honahan in Dublin this morning to discuss the banking bailout and the reform of the banking sector.

Last year the bank provided €360m in funding for SME's in Ireland and it said it is committed to supporting Ireland and in particular small business during the economic crisis.

Vice-President of the EIB Plutarchos Sakellaris said the Government's plans are an important step forward.