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18/11/2008
Hopes For Cash Splash After Bank Dive-bomb
Ireland's banks have taken an immense plunge on Tuesday, adding pressure on the Government for a taxpayer cash injection.
It is feared that without a €5 billion cash advance from taxpayer reserves, Irish banks could be facing collapse as they have no available resources to finance credit.
Concerns have grown since shares in Bank of Ireland plunged by 23.5% to just 83c. This means the bank is now valued at just €890 million, following a more than 90% fall over in under two years. The shares peaked at €18.65 in February last year. Meanwhile Allied Irish Banks slid 10.2% and Anglo Irish Bank sank by 13.9%.
Businesses need credit to operate, grow, and speculate, and importantly a way to finance themselves during the recession. Many are now facing a Christmas closure without the resources provided by banks.
Share values on the Irish Stock Exchange have plummeted by almost 4% this morning.
Aer Lingus was also among the fallers, down 4c to €1.05, while rival Ryanair dropped 12c to €2.55.
(DW)
It is feared that without a €5 billion cash advance from taxpayer reserves, Irish banks could be facing collapse as they have no available resources to finance credit.
Concerns have grown since shares in Bank of Ireland plunged by 23.5% to just 83c. This means the bank is now valued at just €890 million, following a more than 90% fall over in under two years. The shares peaked at €18.65 in February last year. Meanwhile Allied Irish Banks slid 10.2% and Anglo Irish Bank sank by 13.9%.
Businesses need credit to operate, grow, and speculate, and importantly a way to finance themselves during the recession. Many are now facing a Christmas closure without the resources provided by banks.
Share values on the Irish Stock Exchange have plummeted by almost 4% this morning.
Aer Lingus was also among the fallers, down 4c to €1.05, while rival Ryanair dropped 12c to €2.55.
(DW)
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