The Fighting Irish (AIB)

Allied Irish Banks, plc.

is up more than 25% today, on heavy volume today. This comes on the back of

that bank holders in the Irish banks want to minimize losses they will be taking from a government plan that would cause bondholders to help with some of the cost of strengthening these banks. The bond holders in Allied Irish and Bank of Ireland

want to avoid the same fate that happened to bond holders of Anglo Irish. "The government of Ireland came (up) with a really coercive offer (on Anglo Irish). They (investors) got together (because) they didn't want to replicate Anglo Irish," said one of the sources who requested anonymity. "They want to approach authorities and financial management with a proposal that is market-friendly and collaborative as opposed to Anglo Irish which was crazy coercive," he said.