Last week, parents had a modern version of Jack and the Beanstalk to enthral their children - one in which Jack’s mother was horrified when he returned from the market after trading their cow for some Irish bank shares.
While the original story at least offered the comfort that Jack’s magic beans went on to grow to the sky, the growth prospects offered by the four quoted banks - AIB, Bank of Ireland, Anglo Irish Bank and Irish Life & Permanent - are showing few signs of a fairytale ending for their shareholders.
Last week’s selling barrage brought most of the banks to new lows. Investors were hammered by a familiar, but nonetheless unpleasant, combination of global and local worries. Fresh selling was triggered by yet more nervousness about the global banking sector.
Continue reading from source: ThePost.ie
