Stress tests: Irish banks may need €20bn capital

The Irish banks will need €20bn in new capital following the stress tests later this year, according to Friends First chief economist Jim Power.

Stress tests: Irish banks may need €20bn capital

Speaking at the firm’s latest economic outlook, Mr Power said: “I think the banks will need more capital. The Government stance in relation to this would suggest that they will need more capital. They will need €20bn and it is going to have to come from the ESM [European Stability Mechanism].”

A date for the stress tests still has to be finalised but it is looking like September or October. A spokesperson for the Department of Finance said it would not be making any comment on this issue prior to the stress tests.

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