AIB shares have opened sharply lower after issuing an interim management statement this morning, in which it substantially reduced its earnings forecast for this year.
The bank said it does not expect a 'meaningful' recovery in the residential market until 2011.
AIB Group, Ireland's biggest bank, said bad debts, largely because of loans to residential property developers in Ireland, would increase this year and next, well beyond the bank's and analysts expectations.
Worries over l... read more »
