ISEQ:  3,030 (-1%) at 1.45pm: The cut in interest rates by the European Central Bank and the Bank of England sparked a brief rally on the Dublin market but this was not sustained.

At 1.45pm the Iseq index of Irish shares was down just under 1 per cent at 3,030 points.

While analysts said the 50bps cut by the ECB to bring rates to 3.25 per cent was largely "priced in", the cut of 150bps by the BoE to 3 per cent was unexpected.

The announcement by the BoE prompted a brief rally but brokers said it lacked impetus.

Among the main losers were Bank of Ireland down 13 cents or 5.5 per cent at €2.21 and AIB off 3.4 per cent at €4.15. A number of brokers downgraded their earnings forecasts for AIB today. Davy Stockbrokers cut its earnings per share estimate for the bank in 2010 to 46 cents from 71 cents.

Irish Life and Permanent shares were 3.8 per cent higher this afternoon at €2.44 while Anglo Irish Bank was the best performer among the financials, adding 5.7 per cent to €2.59.