Ireland says EU approves bank guarantee scheme

DUBLIN (Reuters) - The European Commission has approved Ireland's bank guarantee plan, Prime Minister Brian Cowen said on Sunday.

"The Taoiseach (prime minister) received the news directly from (Commission) President Barroso, who confirmed that the scheme has been approved as being in compliance with the European Commission's requirements," Cowen said in a statement.

"Modifications agreed with the Commission do not alter the basic parameters of the scheme as announced," Cowen said.

(Reporting by Andras Gergely; Editing by Jan Paschal)