State spends €24bn on banking crisis

I think this article is a useful summary:

http://www.rte.ie/news/2010/0915/banking.html

Basically the €24bn adds up as follows:

• €7bn invested by the National Pension reserve fund in AIB and Bank of Ireland
• €4.2bn spent supporting Anglo Irish Bank and taking Irish Nationwide and EBS into State ownership
• Promissory notes with €10.3bn were issued to Anglo Irish bank, €2.6bn to Irish Nationwide and €250m to EBS

A further €10bn in promissory notes for Anglo Irish and €437m for EBS fell outside the period reviewed by the auditor

So my take is that we have committed €35bn to date.

Approx €27bn has gone to Anglo & Irish Nationwide with no expectation of any return and potentially up to another €10bn required if S&P are correct.

I'd be more optimistic of getting some return on the €7bn gone into AIB and BOI with hopefully no further capital required, though there has been talk of them needing more (It's difficult to tell at times whether commentators are including the €7bn in additional requirement estimates, they are probably being deliberately vague.

All in all the cost could range from the €35bn already committed (including the €7bn into BOI & AIB) up to maybe €45bn in a pessimistic scenario.

Any thoughts?

Don't forget to add in the €2.5bn for the cost of advisers to NAMA!

The article also said we got just over €1bn back from the banks in fees. If that is added to the stake in BOI/AIB at current mkt prices, how much does that make the cost so far?