Bank bailout to yield just €30bn return

TAXPAYERS and shareholders lost more than €127 billion in Irish banks in little more than two years and, at best, the state can hope to get back €30bn.

But in a twist, the shortfall in revenues to the state as a result of higher than expected unemployment and lower tax revenue was offset by €3bn in fees from the banks for the deposit guarantee and in interest on bonds injected as convertible contingent capital.

However, to offset further shortfalls the Government has prepared possible further taxation measures that have been costed in detail and studied for their impact, the European Commission’s report on the economy reveals.