Anglo Irish shares plummet in 21-year record
Ireland's third-biggest lender by market value plunged 17 percent
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Tuesday September 23 2008
Anglo Irish Bank Corp. Plc fell the most in 21 years in Dublin trading on concern that loan losses may rise amid a slump in property prices.
Ireland's third-biggest lender by market value plunged 17 percent, the most since September 1987. The bank traded down 16 percent at 3.98 euros as of 10:07 a.m.
Bank of Ireland Plc fell 11 percent to 4.18 euros. The Dublin-based bank has fallen for nine of the last 10 days, cutting its market value to 4.2 billion euros.
''We know credit quality is deteriorating but we don't know the velocity,'' said Christopher Wheeler, at NCB Stockbrokers in Dublin said in a phone interview.
The ISEF Index of Irish financial stocks fell 11 percent for a decline of 62 percent this year. Irish banks are among the worst performers in Europe this year, with Allied Irish down 65 percent and Anglo Irish down 63 percent. Only Bradford & Bingley Plc, HBOS Plc and Natixis SA are down more.
Anglo Irish may bid for Irish Nationwide Building Society, the Irish Times reported Sept.19, increasing its exposure to the Irish and U.K. property markets. Irish house prices have fallen 10 percent in the year through August.
Allied Irish Bank Plc, the country's biggest lender by market value, fell 7 percent to 5.48 euros. (Bloomberg)
- Ian Guider
