Dublin, Ireland – It was the same story that was playing out across Ireland a week earlier when the country’s biggest hotel chain was selling stocks of stock at record low prices.

On Thursday evening, the stock market in Dublin dropped as much as 3.5pc.

The drop came after the Irish Stock Exchange announced it was slashing the countrys benchmark rate by 1.5 percentage points to 0.9pc.

The drop was also the latest in a string of stock market drops in Ireland.

The index fell by 3.6pc in the same week last year.

Irish stocks are down around 10pc over the past year.

This year has seen some strong gains, but the recovery has been slow.

The Dow Jones Industrial Average is down almost 3pc over that period.

On Friday, the European Central Bank announced it would cut its key interest rate by one percentage point to 0pc.

In the US, the Federal Reserve raised its key rate by two percentage points on Thursday to a record low.

The US stock market has slumped by nearly a third since the beginning of the year.

It was the third time in four weeks that Ireland’s stock market fell, the first time in seven weeks.

On Monday, the country had its biggest day in almost five years as it lost nearly 3pc of its value to €2.3bn.