Debt protection cost on Irish financials increases over holidays
CDS spreads for Irish banks widen over holiday period, while peripheral EU states remain steady
The cost of insuring against a default of one of Ireland's three big financial institutions rose over the Christmas and New Year period, as five-year credit default swaps (CDSs) on Allied Irish Bank, Bank of Ireland and Anglo Irish Bank debt continued to trade up-front.
Allied Irish CDS widened from 20% at 13:00 on December 22, 2010, to 21.5% at 13:00 on January 4. During the same period, Bank of Ireland CDSs rose from 13.5% to 15%, while those of Anglo Irish rose from 30.5% to 31%
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