Standard & Poor's downgrade of Ireland's credit rating was "inevitable", and other ratings agencies are likely to follow suit, says Schroders.
The FTSE advanced in early trading following positive overnight signs in the US and a mini rally in Asia.
SVM's Hugh Cuthbert has more than doubled his exposure to banks in his Continental European fund this year as the sector has proved resilient in the face of regulatory threats.
The FTSE 100 opened 0.11% higher to 5,211 in early trading following a flurry of M&A activity.