European Union intervention is underway in the Irish bank crisis the main opposition finance spokesman Michael Noonan has told the BBC.

He told BBC News today that he believed “things will come to head in the next 24 hours”.

He said that he was “extremely concerned” that Ireland would literally run out of money.

"The reports over the weekend are true. I think there is a European intervention underway (into the debt crisis here). I think the Irish goverment is fighting a rearguard action for appearances purposes.

"But there is a meeting of the eurozone ministers for finance in Brussels tomorrow afternoon and on the following day there is a meeting of Ecofin – that is the finance ministers of the whole European Union – and I believe things will come to a head in the next 24 hours. "

The bond market isn’t distinguishing between sovereign debt and bank debt and I think the speculation that’s current is starting with the banking situation rather than the sovereign situation.

A markets insider told website that that the Department of Finance had been "burning the midnight oil all weekend" seeking to find a proposal that could allow Ireland to retain sovereignty over their finances"