Ireland's Hurley justifies 100% guarantee

John Hurley, the governor of the Central Bank and Financial Services Authority of Ireland, has defended Dublin's pledge to guarantee all deposits in its six biggest lenders.

The pledge, which the Irish parliament passed into law on Thursday night, has incurred the wrath of many in Brussels, who believe the guarantee contravenes EU rules on state aid and threatens the stability of banking systems in other countries.

But Hurley said on Friday that deteriorating global financial conditions had m

To continue reading...