Lenihan’s banking bill is tough but comes too late

FINANCE Minister Brian Lenihan is to take a vice-like grip on Irish banks when the Credit Institutions (Stabilisation) Bill is passed into law.

The bottom line is that the banking crisis has cost up to €50bn, of which €35bn is going to cover the massive losses built up by Anglo. The rest is tied up in AIB and the other banks.

AIB has to raise another €9.8bn over the next few months and Bank of Ireland has to raise €2.2bn to bring them into line with tougher capital guidelines.