Bank shares soar on NAMA buyout

INVESTORS are snapping up shares in Irish banks after details of the €54bn NAMA buyout of bad debts sent bank shares to an 11-month high.

The dramatic surge came as Taoiseach Brian Cowen denied that NAMA represented a bailout for bankers and developers who had caused the problem.

But Fine Gael leader Enda Kenny said the share price increase indicated otherwise, and claimed taxpayers had been mugged by the financial markets and the Government.