The National Pension Reserve Fund hired Goodbody Stockbrokers to establish that investors are applying an “inappropriate” €66 billion value on state-owned Allied Irish Banks Plc.

FINANCE Minister Brian Lenihan is about to inflict more pain on bank investors. Unless they take it, analysts say worse may follow.

ANGLO Irish Bank Corp offered to exchange €1.6 billion of subordinated debt at a discount, paying in new bonds at a rate of 20 cent on the euro as the nationalised lender seeks to generate capital.

THE Limerick Tunnel is a public private partnership enterprise which has a 31-year life span from yesterday’s opening.

A COURT heard yesterday that five properties co-owned by rogue solicitor Michael Lynn have arrears of €2.5m owed on them.

BANK of Ireland, the country’s biggest lender by market value, has raised €1.73 billion in a share sale, boosting capital after losses surged.

THE Government may introduce taxes on real estate and water usage to help narrow the widest budget deficit in the euro region, Energy Minister Eamon Ryan said.

The National Asset Management Agency (NAMA) will acquire over 1,200 individual loans with a nominal value of €16bn for a consideration of €8.5bn, it was announced this afternoon

TEN banks and other financial institutions which had dealings with solicitor Michael Lynn in relation to an unknown number of properties are to pool information to try and establish the extent of the solicitor’s liabilities, estimated at up to €50 million, the High Court heard yesterday.

SHARE price targets for Irish banking stocks have been cut by as much as 14.5% by Davy Stockbrokers in a dramatic re-evaluation of the sector.

Allied Irish Banks plc has established a lending branch in Toronto, Ontario, having received final regulatory approvals from the Irish and Canadian authorities.

Eugene Sheehy, who was appointed group chief executive of Allied Irish Banks plc in March, has been appointed an executive director of the group, with immediate effect.

International credit rating agency Standard & Poor’s has assigned its ‘A/A-1’ long and short term counterparty credit and certificate of deposit ratings to AIB Group (UK) plc, the bank’s British arm, advising that the outlook is positive.

The busiest stocks in a relatively quiet day's trading on the ISEQ were:

Arsenal today announced the official go-ahead for their ambitious new stadium plans at Ashburton Grove.

IRISH Life & Permanent Plc, Ireland’s largest life insurer, said sales of savings, pensions and insurance products were weaker than it expected in the first-quarter as stock market declines deterred consumers. The company’s shares fell as much as 5.4%.

Allied Irish Banks PLC has reached an agreement with US, Irish and Maryland regulators to conduct reforms after a dealer at its Baltimore-based subsidiary was accused of covering up a massive five-year fraud.

Allied Irish Banks PLC officials say they will centralise their management and treasury activities throughout the company.