Irish Life withdraws its shares

Irish Life & Permanent has withdrawn its shares from the Irish stock exchange ahead of a fresh round of bank stress tests.

There has been media speculation that more banks may have to be nationalised once the results of the stress tests are known.

Shares in Irish Life fell 44% on Tuesday to 41 cents a share.

The firm was the only lender to avoid a government bail-out after the financial crisis.

The results of the banking stress tests are expected to be announced by the government on Thursday.

Irish Life & Permanent is the Republic of Ireland’s largest provider of mortgages and private pensions.