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Silicon Valley Bank fears hit stocks for second day as investors flee risk

AIB and Bank of Ireland shares fall around 7pc as America moves to shore up its financial sector 

EU economy commissioner Paolo Gentiloni said he did not see a risk of contagion for European banks. Photo: Thierry Monasse/Getty Images Expand

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EU economy commissioner Paolo Gentiloni said he did not see a risk of contagion for European banks. Photo: Thierry Monasse/Getty Images

EU economy commissioner Paolo Gentiloni said he did not see a risk of contagion for European banks. Photo: Thierry Monasse/Getty Images

EU economy commissioner Paolo Gentiloni said he did not see a risk of contagion for European banks. Photo: Thierry Monasse/Getty Images

Jon Ihle

SWIFT action by American financial authorities to contain the fallout from the collapse of Silicon Valley Bank (SVB) last week failed to calm global equity markets as intended on Monday.

Bank shares were particularly exposed to losses as investors reassessed how interest rate increases would affect the sector and the wider economy.

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