DUBLIN, Nov 19 (Reuters) - The Irish government is on the brink of launching a multi-billion euro rescue plan for the country's banks, including an injection of taxpayers' money, the Irish Independent newspaper reported on Wednesday.
A finance ministry spokesman declined to comment.
"It is understood the government has now accepted that it will have to put public money into the banks," the Irish Independent said.
Shares in Irish banks soared after the report, reversing some of their recent
heavy losses, with Anglo Irish Bank up as much as 31 percent at one stage. At
0938 GMT it was 22.7 percent higher at 1.02 euros. Bank of Ireland
"It's very much retail investors buying into speculation in the press today of some sort of restructuring of the Irish banks," one Dublin-based trader said, adding that institutional investors awaited detailed news of a rescue plan.
Ireland was one of the earliest to respond to the credit crunch with a guarantee for bank debt worth some 440 billion euros ($556 billion), but it has not bailed out or nationalised any banks, and they have not raised equity themselves.
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