Lending freeze pulls values down

International money markets continued to remain frozen despite government intervention guaranteeing deposits in many European banks.

The Euribor rate, the interbank lending rate in the eurozone, rose again on Monday, indicating that banks are still fearful about lending to one another. The ISEQ index dropped 390.76 points to 3552.90.

AIB and Bank of Ireland continued to be chief amongst the more volatile stocks, dipping €1.10 and 85c to €6.40 and €4.00 respectively. Anglo-Irish followed suit giving up €1.10 to €3.985. Irish Life and Permanent made it a full house shipping €1.50 to €5.00.