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19/06/2008
US Brokers Say Irish Banks Are Weak
Irish banks have taken a huge body blow after US brokers announced Irish banks were weaker than their European counterparts.
The report by brokers Keefe, Bruyette & Woods Ltd (KBW) led to shares in Irish banks taking a serious fall on Thursday morning following on from the previous day’s reduction of almost €2.5bn in the value of shares on the Stock Exchange.
The brokers said in research notes to investors that the Bank of Ireland and Anglo Irish Bank have a lower Tier 1 capital, a measure of financial strength, than most European banks.
Following the comments, shares in the Bank of Ireland fell by 6% on Wednesday, and were another 3% lower by 10am on Thursday morning, standing at €6.35. Its shares are now 56% lower than at this time last year.
Meanwhile the Anglo Irish Bank was 1.3% lower after yesterday's 2.5% fall. It too is showing almost a 56% reduction in its share price in a year. AIB had fallen by 3%, following its own 4% fall on Wednesday.
Irish Life and Permanent, ahead of a trading update at 12pm on Thursday, was 4% lower at €8.40 this morning.
(DW)
The report by brokers Keefe, Bruyette & Woods Ltd (KBW) led to shares in Irish banks taking a serious fall on Thursday morning following on from the previous day’s reduction of almost €2.5bn in the value of shares on the Stock Exchange.
The brokers said in research notes to investors that the Bank of Ireland and Anglo Irish Bank have a lower Tier 1 capital, a measure of financial strength, than most European banks.
Following the comments, shares in the Bank of Ireland fell by 6% on Wednesday, and were another 3% lower by 10am on Thursday morning, standing at €6.35. Its shares are now 56% lower than at this time last year.
Meanwhile the Anglo Irish Bank was 1.3% lower after yesterday's 2.5% fall. It too is showing almost a 56% reduction in its share price in a year. AIB had fallen by 3%, following its own 4% fall on Wednesday.
Irish Life and Permanent, ahead of a trading update at 12pm on Thursday, was 4% lower at €8.40 this morning.
(DW)
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Irish Banks Get Government Lifeline
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Irish Banks Get Government Lifeline
Customers of Irish banks are now having their cash 'covered' after a surprise move from the Irish government late yesterday that it will "guarantee all deposits". The high-risk move had an almost immediate positive impact on early trading today, with the ISEQ index of Irish shares opening 3.4% higher, at 3,412 points.
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Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
