Bank stocks drag down market

THE Irish market yesterday plunged 192.09 points to 5,806.84 as the bank stocks suffered another dismal day.

Fears over the world economy and property prices in the Britain and Ireland resulted in a sell-off by investors.

Ireland’s second and third largest banks; Bank of Ireland and Anglo-Irish shed 50c and 36c to €7.00 and €7.50, as their loans books are seen to have the most exposure to British and Irish property markets. AIB fell 30c to €12.04, while Irish Life and Permanent followed the trend slipping 19c to €10.06.