Anglo Irish Bank can make further progress, according to Merrion Capital, which raised the share price target to €4.30 £3.38). The bank is regarded as having a highly attractive growth profile and has been broadening its earnings base to include asset management and life assurance.

While falling interest rates will buffer medium-term asset quality concerns, the shares did breach €3.40 levels last month.

The share price growth increases the capitalisation of the bank and brings it to the attention of a wider audience of investors.