Stockbroker Davy has published a report which estimates the total liabilities of the six banks covered by the Government's guarantee scheme at €575 billion.

It says this is 309% of the country's total economic output, the third highest figure in the euro zone. Davy says the Government has guaranteed €440 billion (237% of GDP) of this.

The report says a figure of 900% of GDP which has been quoted for banks' liabilities is 'bogus', as it includes a large number of foreign financial institutions which are resident in Ireland.