The Finance Minister has described today as ‘rock bottom day’ as far as the banks are concerned.
Brian Lenihan says the announcement today on the final Anglo Irish bill is an ‘urgent and immediate priority to reinforce international market confidence in our ability and commitment to restore our banking system to health’.
It has also been confirmed that a 4-year budgetary plan incorporating the plans to meet European requirements on reducing that deficit will be published in early November.
The government is now expecting a very substantial spike in Irish general government deficit this year as a result of the support for the banks.
This will bring it to almost 20% of GDP.
