The move will push the total cost of bailing out the banks to EUR70bn.
The country’s Finance Minister said the cost is huge and the price will be worth paying in order to get a functioning banking system.
The latest bailout will effectively nationalize the banks, pushing the last two lenders to avoid Government control – Bank of Ireland and Irish Life and Permanent – into majority State ownership.
The findings show Allied Irish Banks needs to raise EUR13.5bn, while the Bank of Ireland needs EUR5.2bn, EBS EUR1.5bn and Irish Life EUR4bn.
The plan is the fifth attempt to draw a line under the Irish banking crisis.
Money set aside from the EUR85bn EU-IMF bailout agreed in November will be used to fund the latest recapitalization.
