Bank shares slump after credit-rating downgrade

Shares in the three Irish banks listed on the Stock Exchange have taken a significant hit this morning following a decision by Moody's to downgrade their credit ratings.

AIB shares were down just under 30% at 11am, shedding 38c to 0.90, while Bank of Ireland shares had lost 25% of their value, dpwm 24c to 0.72.