Banks get off lightly with €1bn bill for state rescue, claim critics

THE major Irish banks protected by the bank guarantee scheme will have to pay the Government €1 billion over the two year life of the plan.

Details of the scheme announced last night show that the banks got off lightly, critics said.

It was speculated that the six Irish and five subsidiaries of foreign banks covered would have to cough up a hefty €2bn for the guarantee of €400bn in loans and deposits.