Bank scheme second largest

IRELAND’S bank guarantee scheme was the second largest in the EU and accounted for a sixth of the total €4.5 trillion that member states used to underwrite their banking sectors over the past two years.

However, less than half of the total sum was used by EU countries who drew down €2,063 billion to recapitalise, repair and cover deposits since the financial crisis began in 2008.

The figures were released by the European Commission yesterday, as they have to approve the amount of aid countries can give to business.