In a push to reassure consumers, Ireland and Greece have announced plans to guarantee bank deposits in the wake of the global financial crisis.
Irish President Mary McAleese signed a law on Thursday safeguarding all deposits in Irish banks. The Greek government has said it would fully guarantee deposits although its banking system was not at risk. The moves by both countries have already provoked a surge of deposits from Europeans seeking a perceived safe haven. The European Union has complained that the moves promote unfair competition in the banking sector.
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