Dismal morning for ISEQ

The ISEQ index of Irish shares had yet another dismal morning dropping 5% by 11.30am, down 158 points to 2,552.73.

Following reports this morning that the Financial Regulator has asked the six domestic banks covered by the State's deposit guarantee to submit new business plans showing how they plan to reduce their risks, all the financial heavyweights dropped in value. Irish Life and Permanent plummeted 50c to €2.60, and AIB didn't fare much better down 30c to €3.22. Both Bank of Ireland and Anglo Irish Bank dropped 8c to €1.52 and €1.72 respectively.