A nationalised Irish bank that mainly deals with business and commercial banking. The bank lent heavily to property developers meaning that it was badly affected in the downturn of the property market in 2008, this resulted in the Irish government buying 75% of the bank for €1.5 billion in December 2008 to save the bank. On the 30th of September 2010 the Government announced that the estimated total cost of bailing out the bank would be in the region of €30 billion.
Leo Varadkar and Pat Rabbitte have both insisted that the discussions on reducing the burden of Ireland’s bank debt will continue despite a report that the ECB had rejected a key Irish government proposal.
Tánaiste Eamon Gilmore will address world leaders – including Angela Merkel – in Chile today as hopes for a deal on Ireland’s bank debt took a blow last night and the opposition criticised the government’s lack of openness.
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