€70bn: The total cost to the taxpayer of the bank bailout ... but bondholders will pay nothing

THE Government will have to pump up to €24 billion more into the crisis-ridden banks after the ECB ruled out burning senior bondholders in AIB and Bank of Ireland.

It will bring the total cost of the bailout to more than €70bn, with Central Bank governor Patrick Honohan admitting it was “one of the costliest banking crises in history”.

It could also mean thousands of job losses in the banks under the significant downsizing plan unveiled by Finance Minister Michael Noonan.