E.U. regulators investigating Ireland’s two year guarantee.

The Telegraph is reporting that EU regulators are investigating Ireland for anti-competitive behaviour after the Irish government moved to guarantee 400 bln euros savings and loans held by 7 of its largest banks (Ulster bank was added today) The worry is that the two year guarantee gives Ireland’s banks a clear advantage over other countries’ lenders by offering depositors 100% security. The U.K. government was quick off the mark to voice concern earlier today. A spokesman for Gordon Brown said “We just want the Irish govermnment to look closely at the arrangement they are putting in place to make sure they comply with EU competition law.” Oh boy, don’t you just love it!!!! This is hardly a euro-friendly development