Bank bailouts hinge on renewables loans

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Up to EUR 300 million is to be made available for investments in renewables and energy efficiency as a condition of the Irish government's bail-out of three banks in Ireland. Prime minister Brian Cowen says the decision is one of a number of measures to support small and medium businesses and mortgage holders in the government's recapitalisation package. The Anglo Irish Bank, the Bank of Ireland and Allied Irish Bank are each required to set up a EUR 100 million fund to support environment friendly investments to reduce energy use and facilitate switching to renewable energies "with a view to reducing Ireland's carbon footprint," he says.

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