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.

Telecommunications and media billionaire Denis O’Brien said he would invest in Bank of Ireland Plc, as it has “cleaned up its balance sheet.”

BANK of Ireland Plc and Irish Life & Permanent Plc had their credit ratings affirmed by Standard & Poor’s, along with two other banks, and were given negative outlooks.

BANK of Ireland Plc could remain the only major Irish bank not under state control, if talks with international investors interested in taking a multi-million euro stake in the lender come to fruition.

THE ISEQ posted a modest gain of 0.69 points to 2,939.69. European stocks weakened yesterday as lingering worries about the euro zone debt crisis hurt banks in the peripheral countries, while miners fell on concerns high inflation in China could lead to more tightening.

AIB may find it difficult to pass European stress tests, as its capital raising won’t be finished before results are due, says Glas Securities, which specialises in fixed-income markets.

AIB’s top three directors, chairman Dermot Gleeson, chief executive Eugene Sheehy and finance director John O’Donnell, have resigned in the face of intense pressure to go from the Government and institutional investors.

BANK OF IRELAND PLC plans to sell two-year floating-rate notes in euros, according to a banker involved in the transaction.

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.

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%.

The ISEQ reacted negatively to yesterday’s Budget

THE ISEQ closed in positive territory yesterday, rising 43.16 points from Thursday's tally to 4419.56 points.

The ISEQ closed in positive territory yesterday, rising 28.91 points from Tuesday's tally to 4341.37 points.

THE ISEQ closed in positive territory yesterday, rising 29.02 points from Friday's tally to 4334.09 points.