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Ulster Bank gets Irish guarantee Ulster Bank gets Irish guarantee
(10 minutes later)
The Irish government has said it will extend its guarantee scheme to some non-Irish owned banks with a major presence in the Republic or Ireland. The Irish government's finance minister has said a guarantee scheme will be extended to some non-Irish banks with a presence in the Republic of Ireland.
Finance Minister Brian Lenihan said the Ulster Bank, First Active, Halifax Bank of Scotland, IIB Bank and Postbank were all eligible for the scheme. Brian Lenihan said the Ulster Bank, First Active, Halifax Bank of Scotland, IIB Bank and Postbank were eligible.
However, the Department of Finance said this only referred to their operations in the Republic.
"The subsidiaries in the north fall under the remit of the Financial Services Authority in the UK," it said.
The Ulster Bank - a subsidiary of the Royal Bank of Scotland - had applied to join the scheme.The Ulster Bank - a subsidiary of the Royal Bank of Scotland - had applied to join the scheme.
The 400bn euro guarantee initially covered six Irish banks.The 400bn euro guarantee initially covered six Irish banks.
Mr Lenihan said on Thursday he was extending the guarantee to banks with a broad footprint in the Republic's domestic economy.Mr Lenihan said on Thursday he was extending the guarantee to banks with a broad footprint in the Republic's domestic economy.
He said there would be additional limitations to ensure the support covered liabilities in the national economy, as opposed to the Irish subsidiaries and their parent groups.He said there would be additional limitations to ensure the support covered liabilities in the national economy, as opposed to the Irish subsidiaries and their parent groups.
He said it was another sign of the determination of EU member states to ensure the stability of the banking system. The minister said it was another sign of the determination of EU member states to ensure the stability of the banking system.
Meanwhile, most European and Asian shares have rallied after investors absorbed news of a co-ordinated interest rate cut.Meanwhile, most European and Asian shares have rallied after investors absorbed news of a co-ordinated interest rate cut.
The UK bank rescue package boosted financial shares, with HBOS up 30% and Royal Bank of Scotland adding 15%.The UK bank rescue package boosted financial shares, with HBOS up 30% and Royal Bank of Scotland adding 15%.