Anglo bailout will cost €3k per citizen

THE European Commission are to begin an “in-depth investigation” into the Anglo Irish Bank bailout after it emerged the bank will require an additional €9 billion in state funding – bringing the total cost of the rescue to more than €3,000 for each man, woman and child in Ireland.

Speaking in Brussels yesterday, Taoiseach Brian Cowen indicated his government was open to giving the extra money to the state-owned bank, several of whose former directors are at present being investigated for fraud.

Mr Cowen, in Brussels for the EU spring summit, said his government was trying to devise “the least worst option” for the Irish economy and embark on a strategy that would be in the best interests of taxpayers.