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17/08/2007
Irish Shares Marked Fall On World Slide
Irish shares have been hit hard, as global financial markets face the worst crisis in years.
Four billion euro has been wiped off Irish share values, coinciding with falls in other world markets.
Fears that hundreds of billions of dollars and euro lent by banks within the past five years may be lost, has sparked the crisis. However, the crisis may mean interest rates will remain the same or be cut, next year.
Financial markets are now betting on a reversal of any euro rise, to bring rates back to their present 4% by early 2008.
Dublin economists said the situation was a cause for concern, but agreed it was too early to say if the economy would be affected by the debt crisis fears.
Commenting in today's Independent Robbie Kelleher, Chief Economist at Davy Stockholders, said: "The risk is that the credit crunch becomes so bad that companies cannot access funding from the banks, but I think we are still a long way from that."
Experts believe that economic growth will be reduced due to the lack of cheap loans available in the money markets which will push borrowing costs higher.
This in turn may increase pressure to hold or reduce interest rates.
(LC/SP)
Four billion euro has been wiped off Irish share values, coinciding with falls in other world markets.
Fears that hundreds of billions of dollars and euro lent by banks within the past five years may be lost, has sparked the crisis. However, the crisis may mean interest rates will remain the same or be cut, next year.
Financial markets are now betting on a reversal of any euro rise, to bring rates back to their present 4% by early 2008.
Dublin economists said the situation was a cause for concern, but agreed it was too early to say if the economy would be affected by the debt crisis fears.
Commenting in today's Independent Robbie Kelleher, Chief Economist at Davy Stockholders, said: "The risk is that the credit crunch becomes so bad that companies cannot access funding from the banks, but I think we are still a long way from that."
Experts believe that economic growth will be reduced due to the lack of cheap loans available in the money markets which will push borrowing costs higher.
This in turn may increase pressure to hold or reduce interest rates.
(LC/SP)
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Ireland WeatherToday:Dry start on east coast otherwise cloudy with outbreaks of rain accompanied by strong southerly winds. Some heavy rain later, with some short lived very hevay squally bursts, then western and central areas turning clearer and less windy. Maximum temperature 15 °C.Tonight:Remaining rain in east quickly clearing this evening then a dry evening and night with long clear periods and lighter winds. Minimum temperature 6 °C.
