Wednesday 26 October 2016

AIB scores own goal with €30k loan for Euro 2016

Published 17/12/2015 | 02:30

AIB Headquarters in Dublin. Photo: Bloomberg
AIB Headquarters in Dublin. Photo: Bloomberg

AIB has been accused of losing the run of itself again by offering loans of up to €30,000 for fans to go to Euro 2016 in France.

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The bank - which was bailed out at a cost of €21bn to the taxpayer - said it can approve the loans and allow them to be drawn down within three hours if an application is accepted.

But repayments on a €30,000 loan over three years would come close to €1,000 a month.

The Consumers' Association called on the Central Bank and the Department of Finance to intervene to stop the bank again engaging in what it said was reckless lending.

Elsewhere, AIB's chief executive Bernard Byrne said the bank was ready to be floated on the public markets, but the timing of an IPO was up to the Government.

Shareholders yesterday voted to support the lender's reorganisation plan, which will see about €1.7bn repaid to the State.

Irish Independent

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