Anglo Irish Bank Corp. Plc, Ireland's third-biggest lender by market value, plummeted the most in more than 21 years, leading Irish financial stocks lower, as European governments rescued banks hit by funding shortages.
Anglo Irish fell as much as 44 percent in Dublin trading, the most since at least January 1987, declining to 2.39 2.50 euros at 4:17 p.m., giving the lender a market value of 1.8 billion euros ($2.6 billion).
``Wholesale funding, as a percentage of loans is quote high,'' Sebastian Orsi, analyst at Merrion Capital in Dublin, said in a phone interview.
The U.K. government today moved to seize control of Bradford & Bingley Plc, the largest lender to landlords after the credit crisis shut off funding and competitors refused to buy mortgage loans. The government of Belgium, the Netherlands and Luxembourg yesterday agreed to inject 11.2 billion euros into Fortis.
Anglo Irish spokesman Billy Murphy declined to comment.
Shares in Irish Life & Permanent Plc (IPM) lost 34 percent to 3.80 euros. Bank of Ireland Plc fell 18 percent to 3.38 euros and Allied Irish Banks Plc (ALBK) fell 18 percent to 4.94 euros.
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