Ireland could offer banks capital

The government of Ireland is set to offer financial support to its banks in an attempt to limit the damage caused by the global economic slowdown, those attending stock market courses may be interested to learn.

Brian Lenihan, the Irish finance minister, said the government could invest capital in the banks through the Pensions Reserve Fund or through other means.

Mr Lenihan said he would "welcome the views of a number of institutions that they are open to raising additional capital," adding: "For certain institutions, the need for additional capital may be very modern, whereas for other the need may be greater".

Ireland's national pension fund is valued at around 18.7 billion euros (£15.7 billion).

Irish Life and Permanent spokesman Ray Gordon said the country's largest mortgage lender had no comment to make on the news.

Banks throughout the country are facing property loan losses and falling profits, reports Bloomberg.