Financial Crisis: Irish government secures banking system

After a huge slide in the value of Irish Banks on Monday, The Irish government announced on Tuesday that they would safeguard all bonds, debts and deposits for two years in six banks and building societies.

Bank of Ireland, Irish Life and Permanent, Allied Irish, Anglo Irish Bank, Educational Building Society and Irish Nationwide Building Society are all being covered by the banks guarantee to help shore up the Irish financial system.

Anglo Irish bank share plummeted 46 percent on Monday which caused for desperate measures by the Irish government to secure the stability of its banking system. The news helped the Irish markets on Tuesday opening in at 3.4 percent higher within the first few minutes of trading.

Read the full article: BBC