* FTSEurofirst 300 index down 1.5 percent
* Bank stocks hit by euro zone peripheral debt worries
* Miners down on peripheral woes, geopolitical tensions
By Joanne Frearson
LONDON, Nov 23 (Reuters) - European shares fell to a six-week closing low on Tuesday as concerns over Ireland's turmoil and the possibility it could spread to other euro zone countries intensified and Korean tensions escalated.
The pan-European FTSEurofirst 300 index of top shares closed down 1.5 percent at 1,076.71 points, ending lower for the third session in a row.
"The Irish bailout continues to cause uncertainty amongst European investors as concerns about the potential of contagion to other countries have increased," said Angus Campbell, head of sales at Capital Spreads.
Investors worried that negotiations to rescue Ireland were at risk as Prime Minister Brian Cowen rejected a call to move forward from Dec. 7 the announcement of the 2011 budget.
An EU/IMF bailout programme depends on passing the budget, whose fate has been in doubt after independent members of parliament said they may vote to reject it.
Meanwhile, worries intensified that other countries could be next in line as debt costs for Portugal and Spain rose.
"Equity markets are going to continue to suffer and the selling has been compounded by the geopolitical unrest in Korea," Campbell said.
Investor sentiment was hurt early after North Korea fired dozens of artillery shells at a South Korean island.
Banking stocks continued their slide as worries over the euro zone peripheral debt crisis weighed.
Bank of Ireland dropped 24.9 percent, while Spanish banks BBVA and Banco Santander fell 3.9 percent and 4.7 percent respectively.
The euro zone peripheral countries markets were under pressure. Spain's IBEX 35 slipped 3.1 percent, Portugal's PSI 20 fell 2.2 percent, Italy's benchmark was 2.1 percent lower and Ireland's ISEQ retreated 3.4 percent.
MINERS FALL
Mining stocks also featured among the worst performers on concerns the euro zone debt crisis and rising tension between North and South Korea could slow demand for commodities.
Vedanta Resources, Antofagasta, Kazakhmys and Rio Tinto were down 2.8 to 4.6 percent.
Volkswagen dropped 5.5 percent as investors took profits in the carmaker following an 11 percent rise in its share price since the beginning of November.
"I called some clients this morning and told them to sell," a Germany-based trader said. "Many investors bought the share in March/April when there was the capital increase and now they have profits of about 100 percent."
Investor appetite for risky stocks was low, with the VDAX-NEW volatility index, one of Europe's main barometers of investor anxiety, jumping 13.4 percent to hit a seven-week high on fears about the euro zone debt crisis.
The higher the index the lower is investors' appetite for risky assets.
Across Europe, the FTSE 100 index fell 1.8 percent, Germany's DAX slipped 1.7 percent and France's CAC 40 went down 2.5 percent. (Reporting by Joanne Frearson; Editing by Michael Shields)