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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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Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
