A reorganisation at Bank of Ireland which saw the establishment of a new holding company and a reduction in the number of shares in issue takes effect today on the Irish Stock Exchange.
Bank of Ireland shareholders were offered one share in the reorganised company for every 30 held by them as at 6pm on Friday.
Those new shares began trading at 8am.
The change made it look like the price of Bank of Ireland shares has suddenly soared, but in reality they are new securities and there are dramatically fewer of them in issue.
The bank's new shares started trading at €7.38 this morning compared to the 24.60 cents at Friday's close.
Bank of Ireland had announced the share consolidation and corporate restructuring in March, and said the moves would help it comply with new European banking regulations.
The bank said the changes will position its share price "in a range that is more appropriate to the size of the Group" and may assist in reducing share price volatility.
The moves were agreed with regulators at the European Union's Single Resolution Board and the Bank of England, and will allow the bank to comply with new rules on bank bail-ins, it added.
Analysts had said that from an equity perspective, the share consolidation was a welcome move as it normalised the bank's share count.
Bank of Ireland is 14% owned by the Irish State.