Bank of Ireland
Standard & Poor's Ratings Services said that it has downgraded its sovereign credit ratings on the Republic of Ireland to 'BBB+/A-2'. REUTERS

Despite signs that the government of Ireland will receive a huge bailout package from the European Union (EU) and International Monetary Fund (IMF), Irish banks that trade in the U.S. as ADRs are getting hammered this morning in early trading.

As of 9:40 a.m., The Governor and Company of The Bank of Ireland (NYSE: IRE) is plunging 17.8 percent; while Allied Irish Banks plc (NYSE: AIB) has plummeted 8.1 percent.

Apparently, whatever relief or enthusiasm there existed for the bailout has already dissipated.
In addition, two UK banks with significant Irish exposure are also hurt.

Royal Bank of Scotland Group PLC (NYSE: RBS) is down 4.5 percent, while Lloyds Banking Group PLC (NYSE: LYG) has fallen 4.4 percent.

European union Royal Bank of Scotland Nyse IMF