Bank shares down after Carroll court ruling

Shares in Ireland's two main banks are down this morning amid market concern about the impact of property developer Liam Carroll's failed Supreme Court bid for court protection.

AIB and Bank of Ireland shares were both down more than 3% just before 11am.

The Supreme Court yesterday upheld the High Court's refusal to put six companies attached to Mr Carroll's Zoe Group into examinership.

Mr Carroll was seeking the measure to protect him from ACC bank, which is seeking repayment of €136m in loans.

A number of banks could now begin proceedings to put the companies into liquidation in the hope of recovering outstanding loans.