Allied Irish Banks plc (NYSE: AIB) is down 5.4% at $1.23 versus a recent low of $0.92 and versus a 52-week low of $0.76. The Bank of Ireland (NYSE: IRE) is 5.6% at $2.53 compared to $1.44 in November.
In Greece, the National Bank of Greece SA (NYSE: NBG) has not yet traded but is indicated lower around $1.83 after a $1.86 close yesterday and versus a 52-week low of $1.65.
Banco Santander, S.A. (NYSE: STD) is down 1% at $10.74 this morning, but that is up from under $10.00 at the end of November. Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is down 0.7% at $10.14 versus $9.21 about three weeks ago.
Our argument is not that these downgrades do not matter. These downgrades are just very late and they could have easily been anticipated by investors.
JON C. OGG
Contact [email protected] for any questions or corrections.
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