Nationalisation of banks would cost ‘10,000 jobs and €20bn extra’

NATIONALISATION of the banks would cost 10,000 jobs and add over €20 billion to the cost of borrowing, the Irish Bank Officials Association (IBOA) has warned.

The association’s general secretary, Larry Broderick, also ruled out Fine Gael’s twin bank strategy suggesting the country did not “have the time for these initiatives”.

Mr Broderick was speaking after he revealed that following month-long discussions with its members, the IBOA is giving “qualified support to NAMA (National Asset Management)”.