IRISH ULTIMATUM: Big Bank Told To Raise Nearly $6 Billion By Mid-June Or Be Nationalized

Bank of Ireland

The Bank of Ireland has rejected the government’s bailout offer, and now has until Mid-June to raise €4.2 billion ($5.9 billion), according to the Irish Independent.

Bank officials claim they can get the money from the open market, and Ireland’s finance minister, Brian Noonan, has welcomed them to try.

The Irish government has already nationalized AIB, and its central bank announced that the sector needed an additional €24 billion in bailout cash yesterday.

That number may be reduced to €19.8 billion if the Bank of Ireland is successful in raising more capital.

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