Just to illustrate my above examples better...
€1,000 might get you...
Advertise banner on independent, rte, entertainment.ie etc....
100,000 "impressions" and possibly 500 - 1,000 clicks
Advertise small ad format with Google Adwords....
125,000 "impressions" 3,000 - 5,000 clicks
Why have you singled out banner advertising? It is usually more applicable to "brand building" (e.g. Coke, Nissan etc.)... if you are a small/medium business or a niche operator, textual advertising with Google AdWords is probably your best bet.
PLEASE NOTE: I operate several small websites which are supported from Google AdSense advertising.