Irish stocks suffer a massive Brexit hammering

Dublin looks set to take a bigger hit than London this morning...

Britain's decision to leave the EU was always going to have a massive impact on the Irish economy, and the initial shock has led to the ISEQ falling by up to 17%.

The ISEQ opened down by 4.3% - shares in Bank of Ireland fell by 30% while Permanent TSB was down by 15%.

The FTSE 100 Index saw more than £120bn (€148bn) wiped off the value of its constituent companies in the first few minutes of trading after the UK voted to quit the EU.

It was one of the biggest falls in the index's 32-year history, as it dropped by around 500 points or more than 7%.

Bank of England intervention should help to calm the Irish market.

There have been fears through 2016 that global markets have been over-heating - this event is likely to take the air out of markets and lead to a prolonged period of instability.

This makes it less likely that the Federal Reserve in the US will raise its interest rates during the short term.

Additional reporting by IRN