Davy Stockbrokers is forecasting further growth at Anglo Irish Bank this year. In a new report, the brokers, suggest Anglo Irish Bank shares could appreciate by a further 25 per cent by year end to €3.75. It states that concerns that the bank is vulnerable to a downturn in the Irish economy, given its exposure to the small and medium-sized business market here, are overstated.

It highlights the bank's strong track record in recent years and points out that the shares are now trading at a substantial discount to European banks and are an attractive investment at the moment.