BOI credit rating cut by ratings agency

Bank of Ireland has had its credit rating cut from "stable" to "negative" by ratings agency Standard and Poor's.

It was one of 15 European banks to be downgraded by the agency.

The moves comes following agreement on a framework by European lawmakers that prevents governments from having to bail out troubled banks.

The credit ratings agency said Government support for these banks was likely to fall as a result of the new laws which has resulted in the downgrading.