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.
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