Shares fall 12% in a single day to their lowest in 19 years

Bank of Ireland, the country’s second largest bank, suffered a sharp drop in its share price yesterday after it warned that the worsening economy was having a negative impact on its results prospects.

Shares in the bank hit their lowest point in 19 years after it said the deteriorating Irish economy was “adversely impacting” its earnings.

By noon the shares were down 12% to €4.43 to their lowest level since July 1989 and cutting the market value to about €4.4bn.