Ireland Banks Need $34 Billion More From EU
Ireland’s central bank says the country’s financial institutions will need an additional $34 billion from the European Union to survive the financial crisis.
The new figure came from the results of EU stress tests conducted Thursday.
Finance Minister Michael Noonan said Friday that the move will be worthwhile because it will keep the banking system functioning.
It will push Ireland’s total bank-bailout bill to nearly $100 billion.
On Wednesday, Ireland suspended trading shares of the publicly traded Bank of Ireland, Allied Irish, and Irish Life & Permanent, pending the release of the stress tests.