The ISEQ index of Irish shares was valued at 2,411.11 at 11am this morning, a drop of 33.87 points or 1.39%.
All of the major banks were down ahead of recapitalisation plans and the revelations that Irish Life & Permanent had lodged a large deposit with Anglo Irish Bank prior to that bank's nationalisation.
ILP was down 15c to €2, AIB was down 11c to €1.06 and Bank of Ireland was down 6c to 64c.
There were few big movers elsewhere, Elan was down 17c to €6.08 while Paddy Power up 21c to €11.40.