The banking stress tests show that collectively four financial institutions require a further €24billion in capital, bringing the total cost of the bailout to €70 billion.
* The breakdown is as follows:
AIB requires €13.3 billion
BoI requires €5.2 billion
EBS requires €1.5 billion
Irish Life and Permanent (IL&P) requires €4 billion
* This will be the fifth attempt to recapitalise the banks, which have so far cost the State €46 billion.
* The final bill for the banking crisis is now expected to be €70 billion.
* Raising €24 billion will give banks capital target of 10.5 per cent Core Tier 1 in the base scenario and 6 per cent Core Tier 1 in the stress scenario
*The Governor of the Central Bank Patrick Honohan said the latest recapitalisation estimate is based on a "worst case" scenario. At €70 billion, it would be among "the costliest banking crises in history", he said
* Stress test model assumed GDP would fall by 1.6 per cent this year and GDP by 2.6 per cent. Also assumes house prices would drop 17.4 per cent in 2011
*Government to seek "significant contributions" from subordinated bondholders in the banks to pay for the cost of recapitalising the sector.
* Two new universal banks to be created - one of which will be a restructured BoI the other a new entity arising from a merger between AIB and EBS.
* Bank of Ireland will be forced to sell off €30 billion of assets by 2013.
* Michael Noonan confirms that State likely to take majority stake in Irish Life and Permanent.
*IL&P will be forced to sell Irish Life Assurance and its life and pensions business. IL&P says it will sell businesses by way of an IPO i.e. stock market float
*No additional capital for Anglo Irish or Nationwide but a decision will be taken in May to see whether more required
* Noonan says Ireland is committed to the EU-IMF programme "even though there are changes we want to make"
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