The takeover speculation that has propelled both big Irish banking stocks to record highs finally abated yesterday and both AIB and Bank of Ireland shares fell heavily, driven lower partly by a downgrading by analysts at Credit Suisse First Boston (CSFB).

Just as there was heavy trading when the shares were rising, there were also heavy volumes as both fell. AIB closed down 50 cents on €16.70 (£13.15), compared with a high of €18.15 (£14.29) at the height of the takeover speculation. Bank of Ireland lost almost all of Wednesday's gains with a 95 cent fall to €19.80 (£15.59).