Just four months after taking over as Ireland's finance minister, Brian Lenihan this week found himself in the global spotlight after the Irish government decided, late on Monday, to guarantee the deposits and debts of the country's six largest financial institutions.

The unprecedented decision was greeted with a mixture of shock and anger outside Ireland. European governments and the European Commission expressed surprise that Ireland would take such a dramatic unilateral step. British politicians and bankers were furious at a move they believe creates an uneven playing field both in Britain - where Bank of Ireland and Allied Irish Bank operate - and in Ireland, where Royal Bank of Scotland and HBOS have local subsidiaries. After some frantic lobbying, the Irish government yesterday signalled it would consider applications from foreign banks with large branch networks in Ireland to be included in the guarantee.