Ireland's hopes of recouping bank costs dashed

The man in charge of the Eurozone's bailout fund said there is little hope of Ireland recouping its bank costs.

Klaus Regling has told the Wall Street Journal he doesn't expect the ESM fund to cover the costs of saving Ireland's banks.

Ireland's spent around €30bn bailing out the surviving banks - money it spent before the bailout fund existed.

The ESM is being used to bail out European banks in future, and Ireland has been hoping to get money back retrospectively.