Dublin - Banks participating in the Irish government's deposit guarantee plan will contribute a total of 1 billion euros (1.34 billion dollars) to make the scheme work, according to national broadcaster RTE.

The state, which announced specifics of the plan on Wednesday, will raise the money over two years, RTE reported.

Any bank that made use of the guarantee would also be expected to eventually repay the government.

Finance Minister Brian Lenihan said the move will take the Irish government deep into the banking system, RTE reported.

The original plan called for 440 billion euros in deposit guarantees at the six Irish-owned banks.

The inclusion of five foreign-owned banks in the plan will push the total guarantee amount up to 485 billion euros.

The Irish Times reported Thursday that 11 banks would participate in the plan.

It further reported that the sum being requested equalled 10 per cent of the annual profits of Ireland's four publicly quoted banks.

Under the plan, two directors will be appointed to the board of each participating bank.

Their job will be represent taxpayer interests on the boards. Membership in that board will be drawn from a list approved by the Finance Ministry.

An additional committee will be formed to oversee bonuses and pay for banking executives.

Quoted in the Irish Times, Lenihan said he agrees with a proposal from German Finance Minister Peer Steinbrueck that bankers' pay should be limited to 500,000 euros a year, but he said that was "a matter for the independent committee." (dpa)