Ratings firm Moody's has warned that it might cut the ratings on debt issued by the banks here and backed by the Government.
It said this would reflect the negative outlook it put on Ireland's 'AAA' sovereign rating last week.
'The backed-AAA ratings assigned are based on the unconditional and irrevocable guarantee from the Irish government and the clear intention of the Irish government to improve the level of confidence in the Irish banking system,' Moody's said.
The warning applies to debt issued by AIB, Bank of Ireland, Anglo-Irish Bank, Irish Life & Permanent, EBS Building Society and Irish Nationwide Building Society, and some of their subsidiaries.
Since issuing its debt guarantee, the Government has had to nationalise Anglo Irish Bank, and take steps to bail out AIB and Bank of Ireland.
The Government is expected to inject €8 billion into Bank of Ireland and AIB later this month.
