Portugal is to pay more than 2.2 billion Euros ($2.4 billion) to rescue Madeira-based bank BANIF in a deal which involves a sale of the company's healthy assets to Spain's Santander for 150 million euros, as the country's banking crisis deepens. The government-backed bailout of BANIF (Banco Internacional do Funchal) - announced in late December - comes less than two years after the state paid out 4.9 billion Euros to rescue the country's then second-largest bank, Banco Espirito Santo - now renamed Novo Banco. Porutgal itself emerged from an international bailout only last year. Problems are also reported with the banks BES and Millennium BCP. To date, the amount of bailouts to failed banks is huge and costs every Portuguese household approximately Euro 1,900.