Green light for bank bailout plan

The Government's bank bailout plan was given the green light by the Dáil last night, despite the massive cost to the taxpayer.

Green light for bank bailout plan

The Government's bank bailout plan was given the green light by the Dáil last night, despite the massive cost to the taxpayer.

TDs voted by 83 to 69 to accept the scheme which will see up to €18bn ploughed into the state-owned Anglo Irish Bank.

It will also mean the Government will take part ownership of both AIB and Bank of Ireland, as well as outright control of EBS and Irish Nationwide.

Allied Irish Bank is to sell off a number of foreign assists to raise capital and possibly avoid the need for a taxpayer bailout.

However, a Fianna Fáil backbencher launched a scathing attack on the new Financial Regulator, declaring "we don't want foreigners" in here telling us what to do.

Deputy Ned O'Keefe was referring to Englishman Matthew Elderfield who came to the Financial Regulator's office from the Bermuda Monetary Authority.

Deputy O'Keefe told the Dáil last night that Anglo was "a sore and a boil" on the Irish banking system and should be liquidated immediately, but was most scathing over the Regulator.

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