Irish Banks Continue to Slide as EU Could Impose Strict Requirements for Gov't Aid (AIB, IRE)
Irish bank shares are continuing their downward spiral today amid concerns that the European Union might impose strict requirements for so-called "bad banks" looking to receive government aid.
Falling 11% and 10% yesterday, respectively, Allied Irish Banks Plc. (NYSE: AIB) shares are currently down 10.9% to $5.47, while Bank of Ireland (NYSE: IRE) is down 18% to $10.48.
The Irish government's "bad bank" plan, known as the National Asset Management Agency, would have lenders buying up to €77 billion (about $113.87 billion USD) in bonds, in an attempt to rid embattled banks of toxic assets.
Throughout the global economic downturn, both Allied Irish and the Bank of Ireland have received in excess of $10.4 billion in assistance from Ireland.
Falling 11% and 10% yesterday, respectively, Allied Irish Banks Plc. (NYSE: AIB) shares are currently down 10.9% to $5.47, while Bank of Ireland (NYSE: IRE) is down 18% to $10.48.
The Irish government's "bad bank" plan, known as the National Asset Management Agency, would have lenders buying up to €77 billion (about $113.87 billion USD) in bonds, in an attempt to rid embattled banks of toxic assets.
Throughout the global economic downturn, both Allied Irish and the Bank of Ireland have received in excess of $10.4 billion in assistance from Ireland.
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