Has Bank of Ireland been rescued by British taxpayers through RBS?

Strange goings on again in international banking circles, read this from the Irish Independent! Are Britain's taxpayers now bankrolling the independent Irish State, which has in utter stupidity pledged Ireland's people for generations to come to underwrite all the bad debts of the profligate Irish banks.

More background is available from Golem XIV, linked here. H/T Calling England

Update - Further analysis on the impact of recent events on banks in the British Isles, from the FT is here.