Anglo chief: Cost of liquidating bank will be more than €18bn

Former Anglo finance director Willie McAteer remains in Garda custody this morning following his arrest yesterday.

It was the second high-profile arrest in the Garda investigation into the lodging of €7.45bn in deposits by Irish Life and Permanent over the bank's 2008 year end.

Meanwhile, the bank's chief executive Mike Aynsley has warned that Anglo needs up to €9bn from the State to keep it afloat.

Mr Aynsley said, however, that the costs of liquidating the bank could cost up to double that amount.