Junior Finance Minister Brian Hayes has said last night's deal on the supervision of European banks is good news for Ireland because it provides us with a necessary level of protection.

Following the release of permanent tsb’s results yesterday, chief executive Jeremy Masding tried to put a positive spin on what the future holds for the state-owned institution.

Germany and European Union officials are urgently exploring ways to rescue Spain’s debt-stricken banks, although Madrid has not yet requested assistance and is resisting being placed under international supervision.