We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Banking Crisis

State spends €24bn on banking crisis

… €34m of which was for legal advice on how to deal with being broke.

THE RELEASE OF the annual report from the Comptroller and Auditor and General has revealed the State has spent €24.35bn in total on the banking crisis.

This figure includes €34m in legal fees for advice it received on how to handle the crisis.

Read Volume 1 and 2 of the report.

The report outlines how:

  • €7bn was invested by the National Pension Reserve Fund in AIB and Bank of Ireland
  • €4.2bn spent supporting Anglo Irish Bank and taking Irish Nationwide and EBS into State ownership
  • Promissory notes with €10.3bn were issued to Anglo Irish Bank, €2.6bn to Irish Nationwide and €250m to EBS

An extra €10bn in promissory notes for Anglo Irish, and €437m for EBS, could not be included in the report as they were issued outside the period reviewed by the auditor.