Irish banks asked to submit new business plans

The Financial Regulator has reportedly asked the six Irish banks covered by the State's deposit guarantee to submit new business plans showing how they plan to reduce their risks.

Reports this morning say the regulator has also placed "officers" in each of the banks to scrutinise their future operations.

The moves were agreed as part of the €500bn deposit guarantee introduced by the Government to prop up the Irish banking sector amid the global financial crisis.

Meanwhile, this morning's reports say details have also emerged about how much some institutions will have to pay to avail of the scheme.

AIB will reportedly pay almost €130m-a-year, Bank of Ireland around €115m-a-year, Irish Life and Permanent less than €50m-a-year and EBS less than €15m-a-year.