They may have enjoyed spectacular gains only a year or two ago as financial stocks led the charge in the market but shareholders in the major banks are certainly feeling the pinch at the moment.

A slide of 20 per cent since the beginning of the year has seen AIB, in particular, lose more than 50 per cent of its market capitalisation since the peak it reached amid the drama following unfounded rumours of a takeover by Deutsche Bank last summer.

Falling interest rates and, more pertinently, margins under increasing pressure following the arrival of new low-cost competition in both the mortgage and savings market lie at the root of the banks' current woes.

A perceived reluctance to come to grips with technological change has also hurt. Unfortunately for investors, it doesn't look like there will be any immediate improvement although the shares can hardly languish at the current levels for too long.