By Joe Brennan Thursday October 09 2008 Irish shares plunged for the third straight session yesterday on fears a coordinated interest rate cut by six central banks won't stave off a global recession. The Iseq Overall Index fell a further 7.4pc to a new 11-year low at 3,054.39 points, bringing its losses this week to 22.5pc. The market started off higher yesterday morning on confirmation of the UK bail-out plan for its banks. However, Irish financials quickly retreated deep into negative territory over concerns the UK government's plans to invest in its embattled lenders would increase the pressure on Dublin-listed banks to shore up their capital bases. A flurry of buying after the as well as Swiss, Canadian and Swedish monetary policymakers in slashing rates soon gave way to fears that it was a panic move. A 0.5 percentage...
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