Eurozone finance ministers have agreed in principle to consider retrospective recapitalisation of banks.
It's good news for Ireland'Â’s attempts to recoup some of the funds it put into AIB and Bank of Ireland, following the banking crash.
Minister for Finance, Michael Noonan, welcomed the decision, and said they've agreed that the framework under which the European Stability Mechanism will operate, will have the potential of directly recapitalising banks, on a case-by-case basis.
The move could see the Irish people claw back €€25-billion which was put into AIB and Bank of Ireland.
However Minister Noonan warned that it still will take a long time before the whole system will become operational.
The new plans will allow countries to make individual requests on behalf of a single bank, and applications will then be dealt with on an case-by-case basis.
