Government 'unlikely' to recoup taxpayers' €29bn used to rescue three banks

Michael McGrath was also told that €1 in every €8 of all tax collected by the State came from just ten large corporate taxpayers. Picture: Damien Storan/PA Wire

It is now "increasingly unlikely" that the €29bn of taxpayers' money used to rescue AIB, Bank of Ireland and Permanent TSB will be recouped, top level government documents reveal.

In a confidential briefing note presented to Finance Minister Michael McGrath on taking office on December 17, it is made clear that the department’s earlier belief that all of the money plunged into the bailed-out banks would have been recovered is no longer tenable.