BBC News: The Governor of Ireland’s Central Bank announced this week that Irish banks need a further infusion of 24 billion Euros just to survive.
As a result of this, the aggregate amount of the bailed out sum for Irish banks since the financial crisis started will be more than 70 billion Euros.
Why all that money now? Well, explained Prof. Patrick Honohan, Governor of Ireland’s Central Bank: “The new requirements are needed to restore market confidence, and ensure banks have enough capital to meet even the markets’ darkest estimates”.
- 85bn euros total, of which:
- 45bn from EU
- 22bn from IMF
- 18bn from Irish state pension fund
- 35bn earmarked for banks
- 50bn earmarked for budget deficit
Support for Irish banks:
- 70bn euros recapitalisation, of which:
- 46bn to date
- 24bn added after latest stress tests
- 150bn euros short-term funding, of which:
- 70bn from Irish central bank
- 80bn from ECB
The 70bn euros to be credited to the banks comes to around half of Ireland’s annual economic output, equivalent to around 17,000 euros for each Irish citizen.
[Finance & Economy Contributor]
- No way we wont pay:Irish Bank Bailout again! (thepressnet.com)
- Irish Stress Test Results Show Banks Need Another €24 Billion (businessinsider.com)
- €70bn to bail out Irish banks (independent.co.uk)
- Irish banks need extra 24bn euros to survive (ashwathputtur.wordpress.com)
- Irish FinMIn: To Merge Operations of AIB and EBS (forexlive.com)
- Euro holds gains after stress tests of Irish banks (marketwatch.com)
- Irish CBank: Irish Banks Need E24 Bln In New Capital (forexlive.com)
- Results of Irish bank tests due (bbc.co.uk)