Labour has described as 'extremely worrying' the fact that figures involved in bailing out Anglo Irish Bank had climbed significantly and that the public still do not know what the final figure will be.
Reacting to the European Commission's approval for up to €24.3bn to be poured into Anglo, Deputy Liz McManus said this was the 'deepest, blackest hole' in which taxpayers’ money was being spent.
She said transparency was needed and she now wanted the books on what is effectively a 'zombie bank' to be opened up for public scrutiny.
Earlier, the European Commission has approved Government plans to inject additional money into Anglo Irish Bank.
But the final amount depends on the value of the bonds it eventually receives in from the National Asset Management Agency in return for loans.
The Commission said the Government had notified it at the end of June that it wanted to put just under €8.6bn into Anglo, which would bring the total up to €22.9bn. Finance Minister Brian Lenihan had indicated in March that Anglo may need €22bn in total.
But today's decision allows another €1.4bn to be given to Anglo. The bank is receiving bonds for NAMA in return for its loans. The additional funds could be needed, depending on the final value Anglo puts on those bonds in its accounts.
The Commission said the approval was temporary, pending a final EU decision on Anglo's restructuring plan, which the bank has indicated it expects in September.
Competition Commissioner Joaquin Almunia said the measure was necessary to preserve financial stability in Ireland, but warned that Anglo Irish Bank would have to 'restructure profoundly'.
This is the third emergency injection of funds approved by the EU, following €4bn in 2009 and €10.44bn in March this year.
