‘Irish bailout costs British taxpayers an extra £10bn’

Britain has provided £10bn (€11.8bn) in “back-door bailout” funding since 2008 to prop up the struggling Ulster Bank, a subsidiary of the nationalised Royal Bank of Scotland, writes The Times

The government provided cash to keep the bank afloat instead of handing the loss-making group to the Irish government, which could have had a catastrophic impact on the Irish economy.

The daily reports that unlike the decision to offer a £3.25bn direct loan to Ireland in 2010, which was only approved after a parliamentary vote, this more significant financial support did not get the express approval of MPs.