Daft Property - Irish Property News

THE Irish banking system would have “totally collapsed” without the Government’s €400 billion crisis guarantee plan, the Tánaiste warned yesterday . Mary Coughlan made the claim as opposition parties attacked the rescue bid’s “vagueness”. The enterprise, trade and employment minister insisted failure to act would have tipped Ireland into economic meltdown. “We would have found ourselves in a different set of circumstances if we had not brought in this legislation. We would have undermined the system of banking and it would have totally collapsed,” she told the Dáil . Ms Coughlan was responding to demands from Labour leader Eamon Gilmore to explain exactly how much taxpayers were expected to put at risk to cover the rescue plan, and what banks would be charged if they take up the Government’s offer to cover their liabilities. “This country is being asked to go guarantor for the banks and in effect we are being asked to put up the deeds of the country as security in doing so. “How muc