Tuesday, September 30, 2008

Feel free to copy, there is no copyright on an Anoneumouse montage. (click on image to enlarge)

Irish State Aid (Banking)

The Irish stock market reacted positively to the decision by the Government to guarantee all deposits and borrowings for the six Irish-owned banks for the next two years.

But is this 'State Aid' and is it in contravention of EC Treaty (Article 87(1)) (ex Article 92)

Save as otherwise provided in this Treaty, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, insofar as it affects trade between Member States, be incompatible with the common market.

So what about http://www.halifax.ie/ customers.

If I were Irish and had money in any other bank that was instituted to trade in Southern Ireland, I would withdraw my money and place it in one of the 6 protected Irish banks

Oh what a tangled web our politicians weaved when set out to citizenry deceive.


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