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Fianna Fáil efforts to beef up deposit guarantee scheme

Fianna Fáil says depositors must be given guarantee that they will not be targeted
Fianna Fáil says depositors must be given guarantee that they will not be targeted

Fianna Fáil has published legislation to prohibit any tax or financial levy being applied by the Government to deposits with Irish financial institutions up to €100,000.

Finance spokesperson Michael McGrath pointed out that the Government had initially welcomed the plan to impose a levy on Cypriot depositors, and had already put a levy on pensions.

He said the banks may require more capital once the next series of stress tests is completed, and depositors must be given a guarantee they would not be targeted.