Just when one wouldn't think things could get worse for Catholics in the Emerald Isle, a news report discloses that Catholic dioceses have lost millions of dollars in stock market investments in the Bank of Ireland and in the Allied Irish Bank.
[To assist the reader with the currency conversion to U.S. dollars from Euros, I inserted a bracket below with a quick conversion formula to U.S. dollars from Euros using the online currency conversion site, http://www.xe.com, which conversions have not be double-checked by an accountant!]
"Catholic dioceses headed by Cardinal Sean Brady and Dublin Archbishop Diarmuid Martin are nursing multi-million euro losses following the collapse of the Bank of Ireland share price, it has been revealed.
They are among a number of dioceses, political figures and charities which have lost a fortune on their Bank of Ireland shares.
At their highest value in February 2007, the shares traded at €18.70 (£16.21), but they were trading at their lowest point this year yesterday at just 43c (37p).
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According to the register of Bank of Ireland's shareholders, Cardinal Sean Brady's Armagh archdiocese holds 409,000 shares that have plunged in value from over €7.6m (£6.6m) to just €204,000 (£176,883).
[My quick conversion to U.S. dollar values: $7.6 million Euros minus $204,000 Euros (the current value of the investment) = $7,396,000 Euros x the current conversion rate of 1 Euro = $1.40322 dollars, or a loss of the equivalent of $10.4 million U.S. dollars.]
[$10 million Euros minus $234,110 Euros (the current value of the investment) = $9,730,000 Euros x the current conversion rate of 1 Euro = $1.40322 dollars or a loss of the equivalent of $13.6 million U.S. dollars.]