Value of financial stocks fall €600m over bank rescue

THE looming prospect of the transformation of Ireland’s banking structure hit financial stocks yesterday, as around €600 million was wiped off the combined value of bank shares.

Anticipation of the details of the IMF/EU rescue plan did little to calm investors with each of the banks showing double-digit percentage share price declines, before steadying slightly later in the day.

The yields on long-term Irish Government bonds only dipped marginally.