* FTSEurofirst 300 index up 0.03 percent
* Banks reverse earlier gains on peripheral debt woes
* Markets seek detail on Ireland, EU/IMF deal
* ICAP falls on broker downgrade
By Joanne Frearson
LONDON, Nov 22 (Reuters) - European shares were higher on Monday after Ireland agreed to a bailout by the European Union and International Monetary Fund, although early gains were pared as the market awaits further detail.
By 1105 GMT, the pan-European FTSEurofirst 300 index of top shares was 0.03 percent higher at 1,102.59 points, after initially being as high as 1,110.42 earlier.
"I think it is just a relief rally and will be short lived as we still need to see the terms of the deal," Heino Ruland, strategist at Ruland Research in Frankfurt.
On Sunday, Ireland agreed to a three-year bailout package by the European Union and the IMF to tackle its banking and budget crisis. The deal is expected to total 80 billion to 90 billion euros.
The banking sector, which initially featured among the best performers turned lower as investors still remained concerned about debt problems in the euro zone periphery.
"It remains unclear at this stage exactly what is planned for the banks; the terms 'contingency fund' and 'standby fund' to demonstrate the banks have 'firepower' implies no early incremental recap but that capital would be available if required," Emer Lang, analyst at Davy Research, said.
After early gains, Ireland's traded down around 0.2 percent, led by financials including Bank of Ireland, which erased the gains made in the previous session and was down 11.6 percent, and Allied Irish Banks, down 4.4 percent. Elsewhere in the euro zone periphery, Italy's benchmark FTSE MIB and Spain's IBEX 35 slipped 0.3 percent and 0.4 percent, respectively, while Portugal's PSI 20 was up 0.2 percent and Greece's ATG was down 1.1 percent.
The Greek stock market rallied 14 percent in the couple days preceding its EU/IMF bailout deal in early May, but dropped nearly 15 percent in the sessions after the announcement following protests against its austerity budget.
Ireland's budget is due to be announced on Wednesday.
Greek banks also fell early on, with Piraeus Bank and National Bank of Greece down 1.6 percent and 1.7 percent, respectively. The Greek index is now down around 23 percent since its bailout deal with the EU/IMF.
Across Europe, the FTSE 100 index was 0.5 percent higher, Germany's DAX was 0.5 percent higher and France's CAC 40 was up 0.4 percent.
ICAP
Elsewhere, among individual names, ICAP slipped 0.9 percent after Execution Noble downgraded the British brokerage to "hold" from "buy".
On the upside, oil stocks featured among the top performers, tracking crude prices higher after the dollar weakened on the Irish bailout news. BP, Total and Petrofac all gained between 0.8 percent and 1.2 percent.
Retail stocks were also in demand, buoyed by Tesco, up 0.3 percent, after the world's No.3 stores group reported strong third-quarter trading in most of its Asia markets. (Additional reporting by Blaise Robinson in Paris, Lorraine Turner in Dublin)