Elderfield: Banks need €4bn more, but should raise it themselves

The Financial Regulator has told a German newspaper that Irish banks are going to need a further cash injection of €3bn to €4bn.

Matthew Elderfield told 'Boersen-Zeitung' that the further recapitalisation is needed in the medium term.

However Mr Elderfield, who is also deputy governor of the Central Bank, added that he hoped the banks would be able to raise the money themselves.