Cowen: Safeguarding banking system only motivation for plan

TAOISEACH Brian Cowen last night insisted that safeguarding the country’s banking system was the only motive behind the Government’s rescue plans for the leading financial institutions.

Both AIB and Bank of Ireland are each set to receive a €2 billion injection of taxpayers’ money under a recapitalisation scheme, while Anglo Irish Bank will be nationalised under legislation going before an emergency session of the Dáil today.

Aspects of both plans have been heavily criticised, with suggestions that Fianna Fáil is keen to prop up struggling developers who have been traditionally close to the party.