Banks will need €9bn in extra capital

THE country’s two main banks will require a massive €9 billion in extra capital on top of the €3bn pumped into them by the state earlier this year to prevent them from going under.

According to a new analysis, the main banks will need a combined €9bn to bring their capital reserves in line with the more exacting international standards being demanded of financial institutions by their regulatory bodies.

Merrion Stockbrokers, authors of the new analysis, said the total amount need not be raised in one go.