Belfast Telegraph

Anglo bank bailout bill to hit £20bn

Irish Bank Resolution Corporation (IBRC) chairman Alan Dukes has said he is hopeful that the cost of the wind-down of the former Anglo Irish Bank will be closer to €25bn (£20bn) and lower than previously estimated.

However, he added that the lower cost was predicated on the Irish and UK property markets not worsening any further.

He told an Oireachtas committee: "We remain reasonably hopeful that the cost of the operation will be closer to €25bn rather than the range of €29-€34bn estimated in September of 2010.

"This of course is highly contingent on what happens to property markets here and in the UK."

He said that it may be possible to wind-down the lender faster than expected but he also said the bank is "extremely vulnerable" to what happens in the eurozone and deterioration in property markets.