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Banks in $11bn US loan

IRELAND'S two 'pillar banks' borrowed over $11bn (¤7.6bn) in emergency funding from the US Federal Reserve, according to new data released.

AIB borrowed $9.4bn while Bank of Ireland borrowed $2.1bn.

The money was lent out in 2009 and 2010 as the US authorities attempted to avert a financial meltdown.

The figures are contained in documents obtained under the US Freedom of Information act.

They show that the Federal Reserve provided $1.2trillion to US and European banks over the period, amid concerns that inter-bank lending was drying up.