FG: Govt left it too late to seek advice on bank guarantee scheme

Fine Gael has said that the Government "left it too late" to seek independent advice on the introduction of a bank guarantee scheme.

The party says the coalition had indications about the unhealthy state of Anglo and Irish Nationwide in early 2007 - but it wasn't until six days before the introduction of the scheme that they sought advice.

It follows reports yesterday that the Government was advised that a blanket guarantee scheme could be a mistake, as it would allow weaker banks to continue trading.

Fine Gael's deputy finance spokesperson Kieran O'Donnell said they simply didn't listen.