Irish Life shares rally on market

Irish Life & Permanent (ILP) was the star performer among financial institutions on the Irish Stock Exchange today.

It added 25 cent to its closing rate in early morning trading. In early trading it was fetching €1.07.

The surge reflected the fact that it will need less than €100m to meet new capital requirements in contrast to both AIB and BoI which will need billions of euro.

AIB dropped one cent in early trading, standing at 34 cent while Bank of Ireland remained steady at 31 cent.