Ireland requests extension of bank guarantees

Ireland has requested an extension of the European Commission (EC) scheme guaranteeing most of its bank deposits, according to the Irish Times.

Ireland’s original blanket guarantee began in September 2008 and was replaced in December by the Eligible Liabilities Guarantee, which covers most Irish deposits and expires at the end of this year.

Despite the guarantee, however, the Irish Times reports that no Irish bank has raised funding since the eurozone debt crisis exploded in April.