The ISEQ index followed the downward trend of European equity markets falling by 63 points to 5,861 in a depressed market.
Financial stocks came under selling pressure after Mr Alan Greenspan's statement yesterday which cut the likelihood of further interest rate cuts.
AIB is down 17 cents to euro 11.83, Bank of Ireland fell 21 cents at 9.69 and First Active gave up 8 cents to euro 2.40.
Eircom was hit by negative sector sentiment after yesterday's disappointing flotation of mobile operator Orange. Eircom shares shed 6 cents to euro 2.53.
Elan fell euro 1.43 and Iona fell euro 1.0 to euro 49.0 in a weak market for technology issues.
London shares closed weaker after a negative response to the Greenspan testimony. On another bad day for telecoms, Vodafone fell 6p to 210p, while BT slid 43p to 567p.