ISEQ slumps as Ryanair to go to European Court

The ISEQ index lost 54.42 points this evening to close the day at 6342.58 points.

Ryanair shed 1c off its share price at €4.51 while the airline's CEO announced the company has lodged an appeal on 'illegal' state aid given to a Greek airline.

Ryanair lodged the case in the European Court against the Commission’s failure to act on complaints about a reported €500m worth of state aid to Olympic Airlines, granted by the Greek government.

The Greek government was found guilty of providing hundreds of millions to Olympic to bail it out in the past and this is the latest attempt to prop up this failed national carrier.

Ryanair called on the Commission to investigate this "abuse" of EU competition rules in 2006, but claims the Commission has so far failed to do so.

Ryanair’s CEO Michael O’Leary, said: "This is just another example of the Commission’s twin track approach to State aid in the air transport sector."

Elsewhere AIB lost 24c at €12.98, Anglo and BoI both lost 3c at €8.92 and €9.15 respectively.

IL&P went further and fell 26c at €11.26.