Irish Banks Need Billions

Irish Banks Need Billions.

Figures released following a stress test on the Irish banking system, has revealed that the Republic of Ireland’s banks need an extra 24bn euros (£21.2bn) to survive the financial crisis.  

From the 4 lenders that were tested - Allied Irish Banks, Educational Building Society (EBS), Irish Life & Permanent and Bank of Ireland.  Allied Irish Banks require the most money and will have to raise 13.5bn euros, Irish Life needs 4bn euros, Bank of Ireland needs 5.2bn euros and EBS needs 1.5bn euros.  

A total of nearly 70bn euros has now been poured into the Irish banks since the financial crisis and money set aside from the 85bn euro EU-IMF bail-out agreed in November will now be used to fund the latest recapitalisation.

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