Business

Thursday 21 September 2017

No further bailouts for AIB - bank chief

AIB does not anticipate needing any further bailouts from taxpayers
AIB does not anticipate needing any further bailouts from taxpayers
Donal O'Donovan

Donal O'Donovan

AIB does not expect to return to taxpayers seeking further bailouts, and plans to return to profit next year.

The nationalised bank is on course to have restructured the bulk of distressed mortgages, and troubled loans to small and medium enterprises (SMEs) by the second half of 2014, according to chief executive David Duffy.

Tax payers could expect to recoup some of the €21bn cost of rescuing the bank, once it returns to profit, he said.

Profitability will make the bank 'investable" Mr Duffy said in an interview with RTE radio today.

Taxpayers can then start to recoup some of the bailout costs from a partial sale of AIB, and from dividends, he said.

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