Bank ordered to produce rescue cash billions

One of Ireland’s largest banks was tonight ordered to come up with €7.4bn within weeks or face being nationalised as part of a masterplan to clean up the country’s banking mess.

Finance Minister Brian Lenihan told Allied Irish Bank (AIB) to produce a rescue package by the end of April or the State will be forced to seize control of the lender in a multibillion euro attempt to resurrect the economy.