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| Version 1 | Version 2 |
|---|---|
| Rescue plan for Ireland's banks | Rescue plan for Ireland's banks |
| (about 6 hours later) | |
| The Irish government has announced revised plans to rescue two of the country's biggest banks. | The Irish government has announced revised plans to rescue two of the country's biggest banks. |
| The Allied Irish Bank and the Bank of Ireland will each receive 3.5bn euros ($4.5bn, £3.1bn). | |
| Finance Minister Brian Lenihan said the government would not take control but the banks would be expected to increase lending and cut senior executives' pay. | Finance Minister Brian Lenihan said the government would not take control but the banks would be expected to increase lending and cut senior executives' pay. |
| Many Britons use Bank of Ireland financial services offered through the UK's network of 16,000 Post Offices. | Many Britons use Bank of Ireland financial services offered through the UK's network of 16,000 Post Offices. |
| Mr Lenihan said rescue packages would guarantee the banks' positions "in view of the continuing turmoil in global financial markets". | Mr Lenihan said rescue packages would guarantee the banks' positions "in view of the continuing turmoil in global financial markets". |
| Under the deal, both banks will also have to suspend home repossessions. | Under the deal, both banks will also have to suspend home repossessions. |
| 'Aiding economic recovery' | 'Aiding economic recovery' |
| "The state will not hold ordinary shares in either bank... but it will have an option to buy shares in five years time at a predetermined strike price, thus providing the state with the potential for a significant return," Mr Lenihan said. | "The state will not hold ordinary shares in either bank... but it will have an option to buy shares in five years time at a predetermined strike price, thus providing the state with the potential for a significant return," Mr Lenihan said. |
| The government will also be able to select a quarter of the boards in both banks. | The government will also be able to select a quarter of the boards in both banks. |
| Bank of Ireland said: "The package of measures will enable Bank of Ireland to play a full role in supporting our customers and aiding economic recovery." | Bank of Ireland said: "The package of measures will enable Bank of Ireland to play a full role in supporting our customers and aiding economic recovery." |
| In January, the Irish government said it planned to keep Allied Irish Banks and Bank of Ireland private. | In January, the Irish government said it planned to keep Allied Irish Banks and Bank of Ireland private. |
| The announcement was made after the government nationalised Anglo Irish Bank last week over concerns it could collapse. | The announcement was made after the government nationalised Anglo Irish Bank last week over concerns it could collapse. |