A former Chief Executive of Bank of Ireland believes the taxpayer will have to recapitalise banks here with substantially more money than they already have.

The taxpayer’s already pumped four billion euro into Anglo Irish Bank and seven billion into AIB and Bank of Ireland.

The extent of losses and the need for further capital will become apparent in the coming months when NAMA begins taking on loans.

Speaking to Breakfast – Mike Soden says much more money will have to come from the taxpayer.

“In broad terms, it’s substantially more than the amount that has been put in so far” he said.

“When the revaluation of the properties go through, we’re going to be faced with – I think – a real dilemma”

“I think there are more losses associated with the…personal end of the banking; meaning the residential mortgages, the personal loans, etc” he added.