More Love For Irish Banks (AIB, IRE)
Irish shares are ripping higher again this morning after big gains in Tuesday. This morning there are comments from Irish Finance Minister Brian Lenihan denying any default possibilities. Lenihan was noted as saying that it was not feasible for an…
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
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.