Bank shares tumble ahead of reports

BANK shares plunged yesterday as the market readied itself for another week of financial reports.

AIB fell 19% to 55 cent in Dublin, extending its decline this year to 68%.

Bank of Ireland shares lost 22% to 38 cents, while Irish Life and Permanent fell 8% to €1.44. Moody’s Investors Services downgraded the long-term bank deposit rating and the senior debt rating of Irish Nationwide Building Society to Baa3 from Baa1. The outlook on Irish Nationwide is negative, it said.