Dukes: €35bn bailout ‘is not enough’

THE €35 billion bailout promised for the country’s banks from the EU and IMF rescue package will not be enough, according to the chairman of Anglo Irish Bank, Alan Dukes.

The figure, which includes €10bn to be pumped into banks now and another €25bn on standby in case banks’ losses are greater than expected, fails to take into account what will happen when homeowners start to default on mortgages, according to Mr Dukes.

He was speaking ahead of Wednesday’s Dáil vote on the rescue package, worth a total of €85bn, which Fine Gael is today expected to confirm it will oppose.