Irish Bank Bailout May Cost EU40 Bln, Ex-NTMA Head Tells Times
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Michael Somers, former chief executive officer of Ireland’s National Treasury Management Agency, told the Irish Times the cost of bailing out the country’s banks could reach 40 billion euros ($52 billion).
The 20 billion euros in the country’s pension reserve could meet half of the cost of the banking crisis, showing Ireland “didn’t blow the whole of the boom,” Somers said in an interview with the newspaper today.