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Irish banks pay 1bn euros

The Irish government is to recoup 1bn euros (£780m) from 11 banks protected in a two-year state guarantee scheme.

Up to two executives approved by the finance minister Brian Lenihan will also be placed on the boards of the financial institutions.

The 400bn-euro scheme, which has been approved by the EU Commission, earlier came under fire from the UK for giving Irish banks a competitive advantage.

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