Irish financials jump as government guarantees debt

Bloomberg.com reports Anglo Irish Bank led a surge in Irish financial stocks after the government guaranteed the deposits and borrowings of six lenders to calm investors after banks lost a quarter of their value yesterday.

The ISEF Index of financial shares surged as much as 25%, and was up 14% at 10:15 a.m. in Dublin, as Anglo Irish Bank jumped as much as 49%.

Ireland

's government said it will guarantee all deposits, covered bonds, senior debt and dated subordinated debt of four publicly traded banks and two building societies.

The government was guaranteeing liabilities of about 400 bln euros ($575 bln), Finance Minister Brian Lenihan said today at a news conference in Dublin. The Irish economy is worth about 190 bln euros. Allied Irish Banks Plc (AIB) rose 12% to 5.58 euros, paring its decline for the year to about 64%. Bank of Ireland Plc (IRE) gained 10% to 3.60 euros and Irish Life & Permanent Plc gained 26%.

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Posted: 9/30/2008 9:24:19 AM by Global Administrator | with 0 comments

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