DUBLIN: Ireland's ailing banks need another 24 billion ($34 billion) in cash in a move that will leave all of them under state control and facing a complete overhaul, officials announced in a long-awaited effort to cap a 3-year banking crisis.
The Central Bank of Ireland made that recommendation as it published pessimistic results for stress tests on four banks Thursday. The banks, whose losses the government insured early during the financial crisis, caused Ireland to need a bailout in the first place, so their fate is closely tied with that of the wider country.