Ireland’s Finance Minister, and current European Council President, Michael Noonan, is introducing a proposal to European finance ministers that will hit depositors that hold over €100,000 in the event of future bank collapses.
The Irish know a bit about bank wind-downs, and maybe have realized sticking it all on the tax payer, severe austerity, doesn’t leave citizens with many euro’s left to consume and jump start the economy.
Noonan is proposing at Tuesday’s meeting in Brussels that large depositors (over €100,000) are “bailed in” as part of future bank wind-downs.
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