DUBLIN - Shares of Allied Irish hit 0.34 Euros this morning, as the stock dropped 5.6% in Irish trading. The current U.S. price in the pre-market is $1.01 which is a 6% premium to the price the stock is on the Irish Exchange into U.S. dollars. This premium has existed for over a year and no one is quite sure why shares are cheaper on the Irish exchange.
Allied Irish has a large amount of non-performing loans and other assets which have little value according to the Irish government. The company currently has as many loans as a bank such as PNC Financial the sixth largest bank in the U.S. with 16 times worse credit quality and 1/5 the provisions for future losses.
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