Irish stock market has worst fall

The Irish Stock Exchange has had its worst fall in its history, shedding 12.7% amid continued global anxiety.

Shares in Anglo Irish Bank were down more than 45% at one stage, while Irish Life & Permanent fell by more than 30%.

It comes amid further falls on global markets and as banks failed in the US, Europe and the UK.

The 481-point drop to 3,304 shattered the previous worst day in Irish trading in 1987, when the Dublin market fell 8.8% in the wake of Black Monday.

As of Monday, the index had lost 72% of its value since reaching its record high of 11,815 17 months ago.

Last week, the Republic of Ireland's economy fell into recession after shrinking for a second quarter in succession.

The Central Statistics Office said gross domestic product had contracted by 0.5% in the three months to the end of June.

It is the first time the Republic of Ireland has experienced a recession since 1983.