Noonan: Govt has to act on banking crisis now

Finance Minister Michael Noonan said the Government has to act on the banking crisis or ATMs would stop giving out money.

Mr Noonan made the comment this evening after announcing another €24bn of taxpayers money needs to go into the banks.

This brings to over €70bn the total the taxpayer has been forced to pay, to bailout the banks.

Major restructuring and downsizing will take place to create two forces in banking - Bank of Ireland, and a merger of Allied Irish Banks and the Educational Building Society.

Minister Noonan said this couldn't be done in half measure, as had been done by the previous Government.

"We are in a situation where the European Central Bank is keeping banking going in this country and there is no profitable bank in this country," Mr Noonan said.

"None of you would thank us if you went down to your local bank machine tomorrow morning and it didn't work and there was no money available."