National Irish Bank has reached a settlement with the Revenue Commissioners over its outstanding DIRT liability. It is understood the figure considerably exceeds the £1 million (€1.27 million) the bank set aside on the basis of its own estimate of a £412,000 underpayment on bogus non-resident accounts in the early 1990s, writes John McManus.

The deal could be announced as soon as today or possibly on Monday. Sources said the payment would be in "single figure millions". NIB will be the eighth of 37 banks being investigated by the Revenue Commissioners to settle.

The payment will be dwarfed by the £90 million settlement made by AIB earlier this month in respect of its DIRT liabilities - the biggest tax settlement in the history of the State.