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Ireland's Banks Volatile After Stress Tests

LONDON -- Ireland's remaining publicly listed banks are trading in an extremely volatile fashion after bank stress tests results showed that the sector needs an additional €24 billion ($34 billion) in cash as well as a radical overhaul.

In early trading Friday, Irish Life & Permanent Group was down a massive 65%, while Allied Irish Banks (AIB) was up 3%. The Bank of Ireland was up 33% after saying it is planning to raise additional capital on its own.

The Central Bank of Ireland issued its recommendations on Ireland's banks Thursday.

Ireland's banks caused Ireland to need a wider EU-led bailout, so their fate is closely tied with that of the wider country.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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