Total Irish bank debt unveiled
The full extent of the multi-billion euro black hole in the Republic of Ireland's bust banks will be listed today.
The breathtaking losses in Allied Irish Bank (AIB), Bank of Ireland, Irish Life and Permanent (IL&P) and the EBS building society will be set out as the Republic’s new coalition government attempts to finally measure the debt mountain. It is expected to say Irish banks need about another €30bn (£26bn) to stay open.
The skeleton in the closet is a ticking time bomb of thousands unable to repay mortgages.
More than 44,000 of homeowners are behind with their mortgages — valued at £7.5bn.