Share prices in Dublin have fallen sharply in value this morning with the ISEQ index dropping by 4% in the first two hours of trading.

Stock markets across Europe opened markedly lower today following a report from the US overnight showing an unexpected drop in consumer confidence in the world’s largest economy.

The Irish banks have been particularly badly hit.

Shares in the two largest banks, AIB and Bank Of Ireland, are suffering the largest drops declining by 14 and 11% respectively since the market opened this morning.