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Ireland Says Bank Bailout May Hit 50 Billion Euros

Ireland is preparing to take majority control of Allied Irish Banks Plc and pump extra cash into Anglo Irish Bank Corp., raising the cost of repairing the financial system to as much as 50 billion euros ($68 billion).

“The Irish banking system is at rock bottom today,” Finance Minister Brian Lenihan said today in a Bloomberg Television interview in Dublin. He rejected speculation Ireland will need outside help. “It can only revive from now because it’s recapitalized and reformed,” he said.