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Briefing - Financial Regulatory Group (Credit Institutions Scheme), November 2008

  • On 17 October 2008, the Credit Institutions (Financial Support) Scheme 2008 (the “Scheme”) was formally approved by both Houses of the Oireachtas (the Irish Parliament). On 20 October 2008, the Scheme was then made by the Minister for Finance, Brian Lenihan (see SI No. 411 of 2008).<br>
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    The Scheme gives formal effect to the bank guarantee announced by the Irish government on 30 September 2008, and was made by the Minister for Finance pursuant to powers given to him by the Credit Institutions (Financial Support) Act 2008 (the “Act”), which was passed on 3 October 2008.<br>
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    On 13 October 2008, the Scheme was approved by the European Commission as being compatible with EC Treaty state aid rules.
  • 11.11.2008