Shares in the bookmaker have had a good run since late summer
Paddy Power now a bigger company than Bank of Ireland
(Ireland).- The Irish bookmaker Paddy Power has overtaken Bank of Ireland as the crisis-hit country's eighth largest company – not that many in the Emerald Isle are likely to find it a laughing matter.
2010-11-30
Reading time 30 seg
Shares in the bookmaker have had a good run since late summer, when Paddy Power said it would beat analysts forecasts' for full-year profits. Last week the company announced it would create 500 jobs in Ireland over the next three years, as it expands its online gambling business.
By contrast, Bank of Ireland, which was founded by a royal charter in 1783, and became official banker to the Irish government in 1922 when the country gained independence from Britain, has seen its share price collapse.
The bank's shares have lost more than 40 % of their value this week alone, and the Irish government is now set to take a majority stake, after the country had to be bailed out by the European Union and International Monetary Fund.
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