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Irish Banks Need Fresh Bailout Worth 24 Billion Euros

Ireland says four banks need 24 billion euros in fresh bailout funds.
Eurozone member Ireland says four of its banks require a fresh state bailout worth 24 billion euros, in addition to the country's EU-IMF financial rescue in late 2010.

The Irish central bank identified the four as Allied Irish Banks, Bank of Ireland, Educational Building Society, and Irish Life & Permanent. The banks were subjected to stress tests by the central bank.

Separately, Europe-wide stress tests are being conducted by the European Banking Authority, whose results are due in June.

The Irish government has already pumped some 43 billion euros into the country's lenders since the start of the global financial crisis in 2008. Irish banks were particularly hard hit by loan losses on toxic or high-risk property investments.

compiled from agency reports