Bank bailout deal could be delayed

Ireland could be waiting another year to refinance the €62bn it pumped into the banks under proposals set to come from the European Commission today.

Details of a single supervision system for all eurozone banks giving the ECB overarching responsibility will be announced today, paving the way for the ESM rescue fund to directly recapitalise banks.

As the commission sets out its proposals, Finance Minister Michael Noonan will visit Paris, Berlin and Rome to galvanise support for the EU fund to lend €62bn to cover the costs of the banking bailout.