Bailout bill over half of total EU grant aid to Ireland

THE rising bill for the Government’s controversial bailout of Irish banks has reached over half of what this country has received from Europe in grant aid since the common market’s formation four decades ago.

Yesterday’s decision by the European Commission to approve government plans to inject an extra €10 billion into Anglo Irish Bank — €1.4bn higher than was announced in June — means that a total of €31bn in taxpayers’ money has been handed over to the banks since the economic crisis began.

The €31bn figure — which includes just over €24bn to Anglo, €3.5bn to AIB and €3.5bn to Bank of Ireland — is equivalent to more than half the €61bn received in EU structural and agriculture development funds since 1973.