With selling pressure on banks across Europe, AIB and Bank of Ireland were among the weakest stocks on the Iseq.

RBS shares fell 7.1 percent to 51.1 pence, one of the weakest stocks in a lower European bank sector.

ArcelorMittal shares opened down 4.9 percent at the onset, among the weakest stocks on the FTSEurofirst 300 index .FTEU3 of leading European shares.

By 0930 GMT its shares were down 14 percent at 208 pence, one of the weakest stocks in a broad European share sell-off.