Lenihan seeks to approve increase

FINANCE Minister Brian Lenihan has asked the Dáil for permission to increase his proposed €7 billion investment in the country’s two main banks.

He said it was not his desire to pump additional money into AIB or Bank of Ireland but if it was necessary, he wanted clearance to take control of either institution.

And, while introducing the legislation needed to free up money from the National Pension Reserve Fund, he said he wanted the power to widen the scope of the state’s investment.