Business Irish

Saturday 3 December 2016

AIB boss speaks of 'regrets' as he leaves after 22 years

Published 16/10/2010 | 05:00

DEPARTING AIB boss Colm Doherty yesterday told his staff he "very much" regrets leaving the bank which has been a "central part" of his life for 22 years.

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The commentary came in an email sent to all of AIB's staff yesterday, the final installment in Mr Doherty's "100-day" updates.

The career banker agreed to step down from AIB a fortnight ago, when it emerged that the bank was facing near-certain nationalisation.

In yesterday's email he told staff that while he would "remain available to help with the transition to new management" he would be "stepping down shortly".

"I regret very much leaving not just the bank, but colleagues and friends who have been a central part of my life," said Mr Doherty.

He added that he also regretted that he had "not be able to meet nearly as many" AIB staffers as he'd hoped during his term in the top chair, in a veiled reference to his shorter-than-expected tenure, which lasted less than a year.

Mr Doherty also summarised the events that led up to his departure, describing how the Regulator had demanded AIB raise an extra €3bn on top of the €7.4bn target the bank had already been set.

"This means that it will not now be possible for us to achieve our new capital threshold independently," Mr Doherty wrote. "It is likely that the State will own a significant majority in AIB."

The bank boss went on to empathise with workers who are "looking ahead to the future with some trepidation.

"AIB undoubtedly faces more tough times," he said.

"But I do believe all of your work and unwavering commitment to this organisation throughout these extraordinarily difficult times will not be in vain."

AIB has raised about €3bn of its capital target by selling its assets in Poland and the US.

The bank is planning a €5.4bn equity raise for November, which will be underwritten by the State.

Further asset sales, including the bank's UK business, are also planned so that it can reach its targets.

Irish Independent

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