Labour to oppose extension of bank guarantee

The Labour Party is to oppose government plans to extend its guarantee of the banks.

The party's finance spokesperson Joan Burton said the guarantee was a blank cheque for the banks - and the taxpayer has still not been told how much its going to cost.

The bank guarantee was first agreed two years ago after a meeting between bank bosses and the Government in the early hours of the morning.

Labour believes Anglo Irish Bank should not have been covered by the guarantee.