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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 WeatherThis Evening and Tonight:A few showers in the northwest, but mainly dry with clear spells. Cloudier later in the night in the northwest with some rain towards dawn. Brisk west to southwest winds. Minimum temperature 8 °C.
