Paddy Whack

Bank of Ireland and Allied Irish: Better Bet Than U.S. Banking Giants

On the face of it Irish Banks may look cheap - on P/E, Price to Book and relative to where their share prices have traded. What I would say however is that Ireland has had a property bubble greater than the US and the Irish banks have been financing this bubble. They are very exposed to the Irish property market - on the commercial and residential side. The prognosis for the Irish economy imo for the next years is very poor and Irish banks will continue to underperform.Yes of course every cat has a bounce at some point but I think that you are falling into a value trap here