Irish banks to set up Euro 100m green funds

Government has announced plans for banks to set up funds which will help support green initiatives.

It follows the decision earlier this month to recapitalise the country's financial institutions.

Minister for Finance Brian Cowen said that the measures will "ensure that the financial system in Ireland meets the everyday financial needs of individuals, businesses and the overall economy".

He added that he was "very pleased that a number of measures to support small to medium businesses and mortgage holders have also been announced".

One such measure will be to ensure that each recapitalised bank establishes a Euro 100m fund to support environment-friendly investments.

The money will be put towards projects which aim to slash energy usage as well as helping to fund renewable energies initiatives.

The funds have been founded "with a view to reducing Ireland's carbon footprint", Government said in a statement.

In all, Government will invest a total of €5.5bn into its three main banks, the Allied-Irish Bank, the Bank of Ireland and the Anglo-Irish Bank.



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