ISEQ steady as BoI announces massive job cuts
The ISEQ index of shares remained largely unchanged for the second day running as it closed up 0.66 points at 6096.09.
Leading news on the exchange today was the announcement by Bank of Ireland that it is to cut 2,100 jobs across the group as part of a cost-cutting plan. A net number of 10 branches will close.
Bank of Ireland has set its sights on an annual reduction in costs of €120m to be achieved in the next four years. This will consist of €30m savings in 2005/06, increasing to €75m in 2006/07 and to €105m in 2007/08, resulting in an annual reduction in costs of €120m in 2008/09.
Shares in the bank were down 3c to €12.30 at close of business today.
AIB rose 2c to €15.94, while Anglo Irish Bank shares fell 10c to €20.05. Irish Life and Permanent stock fell 5c to €13.85.
Ryanair stock rose 10c to €5.87. The airline today lost a Belgian court case that may have wider implications for the EU as it battles over rights for cross-border workers.
A court in Charleroi ruled in favour of three Belgian employees who claimed their 2002 dismissal by Ryanair was an infringement of Belgian labour laws. The company claimed the three were hired on Irish contracts and their sacking was legal under Irish law.
