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There was apparently a downgrade in the UK by Merrill from Buy to Neutral on Sept. 20th. Did anyone see their reasons? It may well simply have been precautionary, eg under the circs. why put your reputation on the line when you do not have to?

Although the PE is higher, I am also extremely interested in Anglo Irish Bank, also currently falling like a stone, in which I have a large shareholding. It is one of the best managed small banks in Europe. GG might take a look.

Good results from Bank of Ireland.
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