Final Anglo Cost Could Be 34bn Euro

It has been dubbed Ireland's "Black Thursday" - the day when the Irish government finally revealed what it believes the total cost of bailing out the country's banks would be.

The final bill for Anglo Irish Bank will be more than €29 billion, it said, but in a worst case scenario this could rise to €34bn.

The government also revealed it's taking control of a second bank - this time, the country's second-biggest bank Allied Irish Bank (AIB).

AIB is getting another €3.7bn in funding from government on top of the €7.4bn already invested - in return the State will take control of potentially 90% of the bank's shares.

Irish Nationwide will need a further €2.7bn, bringing its total bailout to €5.4bn.

The EBS Building Society will get €350 million.

It means the total cost of repairing Ireland's broken banking system could exceed €50bn.

Finance Minister Brian Lenihan said he hoped the greater certainty on the final cost would provide reassurance to international markets.

In recent weeks the cost of borrowing has rocketed for Ireland past a record 6%, as investors worry about the government's ability to repay its debts.

But the Minister for Finance also warned that December's budget would be even harsher than the €3bn in cuts already proposed.

And Taoiseach Brian Cowen said the government intended to map out a four year budget plan in November outlining the austerity measures which will be taken to reduce Ireland's deficit.

But if the government thought their announcements would repair Ireland's reputation, they were forced to think again on Friday.

According to Britain's Daily Telegraph newspaper, Finance Minister Brian Lenihan was heckled and mocked by investors during a conference phone call.

The newspaper reported that a call between Mr Lenihan and hundreds of investors hosted by Citigroup descended into farce, with traders making "chimp sounds" and shouting "dive, dive".

One participant was heard to say "this is the worst conference call ever" before Citigroup shut down the line.

The Department of Finance denied the report, saying Mr Lenihan was not heckled as described by the newspaper, and claimed it was part of a campaign by unhappy subordinated debt holders in Anglo and Irish Nationwide.

Mr Lenihan insisted on Thursday that junior debt holders would make "a significant contribution" to the cost of the bailouts, although depositors and senior debt holders would be protected.

The Irish government is planning to pay no more than current market prices to the holders of junior debt in Anglo and Irish Nationwide.

But London and US-based hedge funds are known to be making plans to fight the Irish government, claiming there is no legal basis to do that.

Russian billionaire and owner of Chelsea Football Club Roman Abramovich said he intends taking legal action against the Irish government.

A statement from his investment company Millhouse said, "We urge the Irish authorities to reconsider their position on INBS subordinated bonds and come out with a detailed plan on what is going to happen to this institution.

"In the meantime, we are fully prepared to vigorously defend our position using all possible legal means."

Public anger at the stunning cost of bailing out the banks is at boiling point.

On Wednesday, as the Dáil resumed, one man drove a cement lorry to the gates of Leinster House and parked it in front of the entrance, blocking access.

On the side of the truck was written: "Toxic Bank Anglo" and "All politicians should be sacked".

41-year-old Joe McNamara from Galway was charged with criminal damage at Dublin District Court.

It's since emerged that he is a property developer who is in dispute with Anglo over debts of €3.5m.

But his act of defiance has gained him a cult following, with some of the tabloid newspapers branding him a "hero".