Irish share values down 5% as banks take further hit

Irish share values have taken another battering on the Stock Exchange this morning, losing more than 5% in early trading on top of yesterday's 10% fall.

The bank shares are again suffering the brunt of the onslaught, with AIB down 15%, Anglo-Irish Bank 22%, Bank of Ireland 6% and Irish Life and Permanent 20%.

Banking shares are also down significantly in the UK, but markets in the rest of Europe and in Asia have enjoyed mixed fortunes today.

Shares in Japan closed at their lowest level in almost five years today after losing another 3% amid continuing fears about the global financial crisis.

Trading was postponed on the Russian stock exchanges today after shares suffered their biggest-ever single-day losses yesterday, with the RTS and MICEX dropping nearly 20%.