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Leadership
IMF: Irish bank bailouts will cost most in developed world
22.04.2009
Ireland will need to pay out more than any other developed country if it wishes to stabilise its banking industry, the International Monetary Fund (IMF) has said.
In its semi-annual Global Financial Stability Report published yesterday, the IMF estimated that a sum of €24bn will be required to stabilise the country’s banking system.
According to the IMF, “financial stabilisation costs” would add up to 13.9pc of Ireland’s annual gross domestic product (GDP), which represents the highest government bailout of banks, as a proportion of economic output, of any industrialised nation.
The US falls just slightly behind Ireland in the cost of bailouts, with a stabilisation of its banking sector requiring 13.4pc of GDP.
The IMF’s assessment of the Irish situation was a “damning” indictment on Fianna Fáil’s record in office, said Labour spokesperson for Finance Joan Burton earlier today, according to the Irish Times.
The IMF also earlier this morning acknowledged that its claim in the Global Financial Stability Report that the UK faces a bank bailout bill of almost £200bn sterling was incorrect.
Pictured: IMF headquarters in Washington DC
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