BOI shares close down 6%

The value of shares in Bank of Ireland closed over 6% lower this evening after a negative reaction to the Government's decision to take a stake of 16% in the bank.

The value of shares in Bank of Ireland closed over 6% lower this evening after a negative reaction to the Government's decision to take a stake of 16% in the bank.

The shares closed at €1.18, down 8c or 6.19%.

The stock fell by almost 11% alone when markets opened.

Some 184 million shares in the bank were issued to the Government today in lieu of a €250m cash dividend due as part of the Government’s €3.5bn bank recapitalisation plan.

However that dividend payment was vetoed by the European Commission.

The shares will now go into the national pension fund.

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