Bank shares rise sharply on Stock Exchange

Shares in Irish banks have increased in value on the Stock Exchange this morning in response to the details of the Nama legislation unveiled by the Government yesterday.

AIB, which is due to transfer €24bn of impaired loans to the new agency, has seen its share price rise 25% in early trading.

Bank of Ireland shares are also up almost 12% in response to the news that Nama will take over €16bn of the bank’s bad loans.