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Irish lawmakers approve banks guarantee plan

Wed Oct 1, 2008 9:15pm EDT

DUBLIN, Oct 2 (Reuters) - Irish lawmakers voted on Thursday to enact radical legislation guaranteeing Irish bank deposits and debts in a move to shore up the domestic financial system by improving bank access to international funds.

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The lower house of parliament approved the bill, allowing it to pass to the Irish Senate for a vote -- expected to be a formality -- and some final amendments before being rubber-stamped by President Mary McAleese.

The legislation allows the government to guarantee the liabilities of six Irish-owned banks up to a total of 400 billion euros ($565 billion) -- nearly 10 times the country's national debt.

The government said it would also consider applications by foreign-owned banks with big retail presences in Ireland to join the scheme. (Reporting by Andras Gergely; Editing by Anshuman Daga)

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