31 Mar '11, 4pm

Irish banks need fresh bailout worth 24b euros

Irish banks need fresh bailout worth 24b euros

DUBLIN: Ireland's central bank on Thursday ordered a drastic overhaul of the eurozone nation's stricken banking sector as the cost of bailing out its lenders was set to top 70 billion euros ($99 billion). The Central Bank of Ireland said in a statement that four lenders needed to raise an extra 24 billion euros after it carried out vital stress tests on their ability to withstand another financial crisis. The additional capital would be covered by the 35 billion euros provided for the banks as part of Ireland's huge 85-billion-euro debt rescue agreed last November with the European Union and the International Monetary Fund. The shake-up of Ireland's banking sector comes at a key stage in the eurozone debt crisis as fears mount that fellow eurozone member Portugal could be next for an international bailout, following the rescue of Greece last year. On Thursday, the central ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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