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Irish banks fear nationalisation

While just recently we saw Anglo Irish bank taken "in house" by the Irish government there are fears this evening that both Allied Irish bank and Bank of Ireland are on the verge of nationalisation. The share price of these two companies have today halved with investors literally running for the hills on concerns that the Irish government is set to nationalise the sector.

Just a short few weeks ago the Irish government received significant praise from authorities around the world regarding their handling of the situation. However, today we see the sector in disarray, the Irish government looking to nationalise the country's leading banks and investors disappearing en masse. The Irish economy has for many years been one of the best performing in Europe with great assistance from the EU, a growing financial market and host to a number of corporate head offices.

The country has attracted a number of leading international groups because of its beneficial tax system although when you consider the situation at the moment there are fears these tax benefits will disappear in the short to medium term. This could have a serious impact on the Irish economy at a time when everything seems to be going against the government and the financial sector.

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