More Love For Irish Banks (AIB, IRE)

Allied Irish Banks plc (NYSE: AIB) is up about 8.5% at $1.39 on active volume pre-market while Bank of Ireland (NYSE: IRE) is up about 7.5% at $2.64 on heavy volume.  This is a day after double-digit percentage gains.

The catch is whether or not everything goes as planned and whether the internal and external pressures overturn all of the efforts.  The austerity measures in Ireland may have many ramifications in the future and knowing whether or not future regimes can try to or would be able to reverse this progress is an unknown factor for many investors holding debt and equity in Irish institutions.

There have been so many stumbles along the way in these austerity measures that finding the final-final outcome has become more of a matter of faith than fact.

JON C. OGG