Moody’s concerned about banks’ future

BANKS continued their bad run on the markets yesterday as a top ratings agency expressed concerns about their future.

As Ireland’s ISEQ Index fell just over 2%, AIB saw its share price fall 4.5% to €1.25 and Bank of Ireland dropped 4.7% to €1.42. Irish Life and Permanent was down 5.7% to €2.45.

Moody’s Investors Service said Europe’s fiscal crisis could threaten banks in Ireland, Portugal, Spain, Italy and Britain as the risk of contagion grows.