Bank Of Ireland Dropping On Allied Seizure (IRE, AIB)

Shares of Bank of Ireland IRE are dropping 2% in pre-market on back of the news that Allied Irish Banks, plc. AIB is getting another $4.3 billion capital injection from the government. “This capital is essential to allow AIB to fulfill its role in supporting the Irish economy,” Irish Finance Minister Brian Lenihan said in a statement. The government will now own 92.8% of Allied Irish, up from 16.8% prior to the injection.