Ireland's Budget Deficit Will Be 32% of GDP in 2010 – Irish Finance Minister

Sept. 30 (Bloomberg) -- Anglo Irish Bank Corp. and Allied Irish Banks Plc may need as much as 14.4 billion euros ($19.6 billion) in extra capital, the Central Bank said.

Anglo Irish, nationalized last year, may need up to an additional 6.4 billion euros of capital from the government in a so-called base case scenario, the Dublin-based Central Bank said in an e-mail statement today. That may rise by another 5 billion euros in the event of unexpected losses.

Ireland has pumped 22.9 billion euros to date into Anglo Irish since it seized the lender in January 2009 as its bad loans soared following the collapse of the country’s decade-long real-estate bubble. The government has injected a total of about 33 billion euros into Irish banks and building societies. Allied Irish Banks may need 3 billion euros in capital, and the government will announce plans to recapitalize the lender, the statement said

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aWdk4a.O_auk&pos=1

 

32%....

That's pretty bad....

:eek:

Thanks for your posts btw, always very informative.