Minister for Finance Brian Lenihan told the Dáil this afternoon that the State may need to provide more than €18bn to support Anglo Irish Bank and together with other funding of Irish financial institutions, the total may amount to €32bn or the equivalent of one year’s tax receipts. The Minister accused the banks of “reckless” lending and “shoddy practices.”

The Irish ‘bad bank’ National Asset Management Agency (NAMA) said today that it will acquire over 1,200 individual toxic property loans with a nominal value of €16 billion for a consideration of €8.5 billion, representing an average discount or ‘haircut’ of 47%. It completed the transfer of the initial tranche of loans from Irish Nationwide Building Society and EBS Building Society on Monday, March 29th.  Meanwhile, the Financial Regulator has today published the results of its review of banking capital requirements for the next three years until 2012. New capital levels are being set for some of the main banks covered under the government guarantee to ensure that they can withstand future losses, even under very stressed conditions.

Markets news on stocks, currencies and oil.

The US Conference Board Consumer Confidence Index, which had decreased in February, rebounded in March. The Index now stands at 52.5 (1985=100), up from 46.4 in February. The Present Situation Index increased to 26.0 from 21.7.

Following an application by the Financial Regulator, the High Court has today appointed joint provisional administrators to Quinn Insurance Limited. The Financial Regulator says it has taken this action in the interests of the firm’s policyholders. Quinn Insurance is controlled by billionaire Seán Quinn.

March Eurozone survey data signalled a further monthly decline in retail sales in the single currency area. The rate of contraction eased since February, as signalled by a rise in the seasonally adjusted Eurozone Retail PMI to 46.9, from February’s eleven-month low of 44.6. However, on a quarterly basis, the decline in sales in Q1 was the worst since Q1 2009.

Markets news on stocks, currencies and commodities.

Aer Lingus today reported pre-tax losses of €154.8m for the year ending December 2009, a 26.8% jump on the 2008 loss of €122.1m.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

This is Irish Banks’ Recapitalisation Day when the State will provide further funds of about two-thirds of annual tax revenues of €32bn to five of the six Irish lenders.