THE STATE ANNOUNCED that the cost of rescuing the banks could potentially cost €50bn – but what does that mean for the taxpayer?

Here’s the cost of the banking bailout, in numbers:

What will it cost me personally?

The bailout is the equivalent of €10,000 for every man, woman and child in Ireland.

Where does the money go?

Anglo Irish will get the lion’s share of the tax-payers’ money, with an estimated €29.3bn being pumped into the institution - in the best case scenario. However, the cost could potentially rise to €34.3bn.

The remaining €25.7bn of the funding will be shared between AIB (€6.5bn), Bank of Ireland (€3.5bn), Irish Nationwide (€5.4bn), and EBS (€350m).

Why could the cost to bail out Anglo potentially rise to €34.3bn?

If the property market fails to recover as hoped, then bill for Anglo could reach €34.3bn instead of €29.3bn.

The lower figure assumes that the value of commercial Irish property will fall to 30% of the 2007 peak, and will then recover to 57% of the peak by 2020.

In the worst case scenario, commercial property would fall to 35% of the peak and remain there for the next decade.

What about the national deficit?

The costs of the bank rescue will increase the Irish deficit to 32% of national income.