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Article: Shares fall a reality check on the banks
- Article from:
- The Irish Times
- Article date:
- October 30, 2009
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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The litany of uncertainties hanging over the big two in Irish
banking has reversed a rally that ran counter to fundamentals,
writes JOHN McMANUS
IRISH BANK shares have comes back down to earth with a bump. This
week saw the most precipitous declines, with AIB and Bank of Ireland
down 26 per cent and 35 per cent respectively before yesterday. The
trend, though, has been evident for several weeks, with both banks
down almost 50 per cent from their recent highs.
No one reason explains the reversal but there is a consensus that
banks shares are now back at a level more properly reflective of
their difficulties and those of the wider economy.
The run-up in Irish bank shares post the ...