Bank woes continue as shares fall again

THE main Irish banking stocks suffered another day of double-digit percentage falls yesterday on the back of widening fears that the EU will step up its pressure on banks to make further asset-stripping sacrifices to meet its state aid rules.

In Britain, Lloyds Banking Group and Royal Bank of Scotland (which owns Ulster Bank here) is being forced to sell off branches and/or subsidiaries by Brussels.

AIB dropped 23c, or 13.73%, yesterday to close at €1.44 and Bank of Ireland was down by 12.19%, or 20c, at €1.40 — both banks have shed 50% of their share value inside the past week — while Irish Life & Permanent (IL&P) fell by 17.37%, or 91c, to €4.33.