€9bn less to be spent on banks

THE Government expects to spend some €9 billion less than originally forecast on propping up Ireland’s troubled banks, Finance Minister Michael Noonan said.

Objections by France and Germany were the main reasons blocking Ireland from achieving a cut on the interest rate on the country’s EU loans, the minister added.

Speaking as EU leaders met in Brussels to discuss the euro crisis, he said Ireland would rather continue paying a higher interest rate than give up our treasured corporate tax rate.