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The Credit Institutions (Financial Support) Act 2008 is an Act of the Oireachtas (Irish parliament) was a piece of emergency legislation decided on by the Government on Tuesday Sept 30 and enacted on Thurs Oct 2nd to provide a eur 440 billion guarantee to six irish banks to prevent possible collapse as a result of the Global financial crisis of September–October 2008
It was unusual in that it was the first time since its foundation that the Irish senate began debate on legislation after midnight, finally passing the bill at 8am on Thurs October 2nd.
About the Act
BACKGROUND The decision to introduce the bill was made following Monday 29th September, when the ISEQ fell a record 13%, when a number of banks in Europe were collapsing and the United States congress initially rejected their Emergency Economic Stabilization Act of 2008 and a subsequent record points-value fall in the Dow Jones Industrial Average.
There was a direct positive response on the liquidity markets on the day the bill was announced.
REACTION IN EUROPE Downing st: unhappy European commission:
External links
- Irish times story
- [Oireachtas, 2008 The Houses of the Oireachtas, "Credit Institutions (Financial Support) Act 2008 No.x of 2008, http://www.oireachtas.ie/documents/bills28/bills/2008/4508/b45a08d.pdf, Published: 18/04/2007, Accessed: 25/10/2007
- Oireachtas, 2008 The Houses of the Oireachtas,http://www.oireachtas.ie/documents/bills28/bills/2008/2908/b2908s.pdf Broadcasting Bill 2008 to establish the BAI to take over BAI, RTÉ Authority, Broadcasting Commission of Ireland and Broadcasting Complaints Commission duties, and establish RTÉ and TG4 (previously Téilifis na Gaeilge) as corporate semi states and establish Houses of the Oireachtas Commission (Oireachtas TV) and Irish Film Channel (Irish Film Board/Board Scannan na hEireann).
Wikipedia content modification information:
- This page was last modified on 12 October 2008, at 20:17.
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