I know this isn’t confined to Irish banking shares but the Irish banking system seems to be suffering from sever lack of confidence. The plunge today of Allied Irish Banks to 0.29 cents assumes the bank is worthless and values the bank at around 278 million. Bank of Ireland and Irish Life and Permanent stocks have also fallen to new lows. This is quite amazing and worrisome not only for the banks, government but for me as an Irish citizen. Ireland stands on the verge of yet another downgrade and our government better step up to the challenge soon because the ramifications of inaction are unthinkable.

Some more reading on the topic.
Irish regulator: bank short selling ban in place
Irish financial stocks suffer further falls
AIB chief executive’s message to staff
http://www.thepropertypin.com
http://www.askaboutmoney.com