Why the UK needs a Dublin bail-out... Britain's banks are owed £88BILLION by Ireland

Daily Mail
"The proposed Irish bail-out could be crucial for Britain's beleaguered banking sector after it was revealed UK banks have a massive exposure to the debt-ridden country.According to the latest Bank of England figures, total lending to Irish households and companies totals £88billion.The Royal Bank of Scotland, which is largely owned by the British taxpayer, is the most exposed at £54.4billion, with £53.3billion of retail and commercial exposure, a third of which is residential mortgages.The bank also has about £1 billion in exposures to Irish sovereign debt in its investment-banking trading book.Lloyds Banking Group has £27billion of Irish loans outstanding, including £11billion of problem loans, largely related to the property and corporate sectors.The news comes after the Governor of Ireland's Central Bank today said he expects the country to get a loan worth tens of billions through an International Monetary Fund-European Union rescue package."