Allied Irish Bank face high rate of withdrawals

Ireland’s second largest bank AIB today revealed an enormous outflow of bank funds during the year, tripling its reliance on funding from the central bank.

On a day of negotiations between the Irish government with the EU and IMF, AIB reported it’s dependance on monetary authorities” rose to €27billion.

“The outlook in our markets is uncertain with additional stress likely from the implementation of the Irish and UK budgets. We are carefully and thoroughly assessing these impacts and market conditions.” – Statement from AIB

Government ministers including Prime Minister Brian Cowen, have up until now consistently maintained the country remains solvent and self financing.