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Anglo Irish Bank Chairman: Irish Banks Need Another €50 Billion!

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CNBC.com

Irish banks need another 50 billion euro to clean up their balance sheets, according to Anglo Irish Bank Chairman Alan Duke.

What makes the 50 billion euro number so staggering is this: The additional capital number just named by Dukes exceeds the total 46 billion euros that banks have already received.

Based on the current exchange rate, 50 billion euros equals about $68 billion dollars.

That's a sobering thought: Because on its face it would seem to represent an accelerating demand for additional capital.

According to Joe Brennan's Bloomberg article linked above, Dukes said in a speech today: "A clean banking restructuring implies the acceptance of irrecoverable losses."

Anglo Irish—which has been nationalized by the Irish government—has already received 29.3 billion in funding.

Anglo Irish shares were de-listed from the Irish stock exchange in 2009—so you can't short the stock.

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