An economy in crisis - It’s time for leadership Mr Cowen

BATTERED, bruised and increasingly incredulous investors had to watch again yesterday as bank shares took another pounding.

Many people saw what was left of their life savings stagger towards irrelevance. Others tried to convince themselves that this mayhem is all just part of an unavoidable, natural cycle and that, in time, their retirement nest eggs might recover some lost ground.

On Monday, one of our economy’s backbone shares — Bank of Ireland — fell below €1 for the first time in decades. Less than two years ago these shares were trading at €18.