Stress tests show Ireland's banks need €24 billion

The Irish government's stress tests of leading banks found a €24 billion capital shortfall, making nationalization likely. Patrick Honohan, governor of the central bank, said taxpayer money likely will be used to plug the gap, giving the government majority ownership of six of the largest banks. "This proves to have been one of the costliest banking crises in history," Honohan said.

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