Ireland guarantees all deposits, halts share slide

The Irish government has taken the highly unusual step of guaranteeing all bank deposits in a bid to abate stresses in the Irish financial system which have triggered a loss of confidence in the country's banks.

The Department of Finance said Tuesday that it will guarantee all retail, commercial, institutional and interbank deposits at six of the biggest Irish banks for the next two years.

The department said the action was taken on the advice of the Central Bank and Financial Services Author