Credit Institutions (Financial Support) Act 2008

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 2.

About the Act

BACKGROUND The decision to introduce the bill was made following Monday 29 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 April 2007, Accessed: 25 October 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).