Market down on shaky banks

THE Irish market lost yet more ground yesterday as the AIB share price continued to plunge following the government’s decision to nationalise Anglo-Irish Bank last week.

However, Minister for Finance Brian Lenihan reiterated the Government’s intention to continue with a recapitalisation scheme for Bank of Ireland and AIB rather than going down the route of nationalising the country’s two largest lenders. The ISEQ index slipped 43.25 points to 2,230.59.

AIB dragged the financials lower giving up a further 22% or 15c to close at 45c. Bank of Ireland and Irish Life and Permanent provided some resistance adding 4c and 15c to 10c and €1.20.