Irish bank shares volatile after stress tests

[April 01, 2011]  LONDON (AP) -- 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 euro24 billion ($34 billion) in cash as well as a radical overhaul.

In early trading Friday, Irish Life & Permanent Group Holdings PLC is down a massive 65 percent, while Allied Irish Banks PLC is up 3 percent. The Bank of Ireland is up 33 percent 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.

[Associated Press]

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