Anglo-Irish was 'systemic threat'

Irish tax payers already reeling from cuts to their pay and pensions have discovered today how much more they will have to find to prop up their failing banks.

The country's central bank said the total bill so far comes to nearly 40 billion pounds- that's equivalent to a third of the whole economy.

Ireland has already endured one round of austerity measures , and today the finance minister said there would be more pain ahead.

The BBC's Chief Economic Correspondent Hugh Pym reports.