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Britain ‘Knee Deep’ in Ireland After Bank Bailouts

Chancellor of the Exchequer George Osborne says Britain “stands ready” to assist Ireland. What he didn’t say is that U.K. taxpayers have already funded the largest part of an 18.4 billion-pound ($29.4 billion) bailout for Irish lenders.

The aid was used to prop up the Irish units of Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc since the onset of the credit crisis, according to data compiled by Bloomberg News.