Ireland says its banks need €24 billion ($34 billion) in capital to adress their losses, according to “stress tests” conducted on Bank of Ireland, Allied Irish Banks, EBS Building Society and Irish Life and Permanent, as reported by Reuters.

The European Commission, European Central Bank and International Monetary Fund have welcomed the results of the stress tests.

“The capital needs can be funded comfortably under the program supported by the EU and IMF,” the financial institutions said in a March 31 statement.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.