The stock market here at home recorded the largest one-day increase in its history on Friday after a week that rocked the financial world to its core.
Around the world share prices recovered as the US government revealed its plans to shore up its ailing economy.
Investors also praised decisions by the financial regulator to clamp down on short selling - the controversial practice where traders profit from falling shocks.
The ISEQ opened the day up 25 per cent and closed an astonishing 10.2 per cent higher, making it the biggest one day gain, while in London the FTSE 100 soared 8.8 per cent and Paris shares rocketed 9.3 per cent. "The trades in Irish banks yesterday were quite extraordinary," said Dan McLaughlin, chief economist at Bank of Ireland.
Allied Irish Bank was up 18.2 per cent, Anglo Irish Bank jumped 25.5 per cent and Bank of Ireland rose by 40.2 per cent.
The Government moved to increase economic confidence and said all deposits in Irish banks were safe.
"The banks are well funded, they have the backing of the European Central Bank. There is no question of any danger to Irish deposits," Finance Minister Brian Lenihan said.
