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Irish banks borrowed $11bn from US Reserve

Banks - Borrowed over $11bn from the US Federal Reserve in 2009 & 2010
Banks - Borrowed over $11bn from the US Federal Reserve in 2009 & 2010

Ireland's two main banks borrowed over $11bn in emergency funding from the US Federal Reserve, according to data compiled by the Bloomberg news agency.

Allied Irish Bank borrowed $9.4bn while Bank of Ireland borrowed $2.1bn.

The money was lent out in 2009 and 2010 as the US authorities attempted to avert a financial meltdown.

The figures are contained in documents obtained under the US Freedom of Information act.

They show that the Federal Reserve provided $1.2tn to US and European banks over the period, amid concerns that inter-bank lending was drying up.