Government move boosts confidence

I WELCOME the initiative by the Government to guarantee all deposits in Irish banks together with a guarantee of €400 billion of banking liabilities.

In doing so, the Government has boosted confidence in the economy and taken the lead in Europe. This decision shows leadership and decisive action by the Government and it will boost pubic confidence in local communities and business in general.

Mr Lenihan’s initiative had the immediate effect of making Ireland the only country in the world where bank shares increased following the refusal by the US congress to grant a $700bn Wall Street rescue package.