SOURCE: The Bedford Report

The Bedford Report

November 23, 2010 11:25 ET

Investors Staying Clear of Irish Banks on Bailout Concerns

The Bedford Report Provides Analyst Research on Allied Irish Banks & iShares MSCI Spain Index

NEW YORK, NY--(Marketwire - November 23, 2010) - On Sunday Ireland became the second euro zone country to ask for aid and will officially begin talks with the European Union regarding a bailout that could reach $110 billion. The talks are expected to focus on the restructuring of the country's banking system as well as the government's deficit cutting plans. The news was met with skepticism with investors questioning whether an Irish bailout would be enough to restore financial stability in the Euro Zone. Irish Banks plummeted on the news, as did the iShares Spain Index. Investors appear concerned that Spain could become the market's next target after the Irish bailout. The Bedford Report examines the outlook for companies affected by the Irish bailout and provides research reports on Allied Irish Banks plc (NYSE: AIB) and iShares MSCI Spain Index (NYSE: EWP). Access to the full company reports can be found at:

www.bedfordreport.com/2010-11-AIB

www.bedfordreport.com/2010-11-EWP

Shares of Allied Irish Banks fell more than 9% yesterday as investors appear concerned that bank shareholders are of little priority following a bailout. According to reports from The Wall Street Journal, Irish government officials said the banks would need more capital as part of the country's massive bailout package. Government officials say the banking sector will face downsizing that will likely see a series of asset sales intended to reset the industry to its core function of serving the local market. The report warned that this could potentially leave shareholders with a fraction of their investments.

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Shares of iShares MSCI Spain Index slipped close to 4% yesterday amid concerns it could be next in sight for bond traders. Spanish borrowing costs rose sharply as the Irish crisis took hold, with the 10-year yield seen at 4.73% compared to less than 4% in early October.

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