Thursday 21 September 2017

'AIB won't see one more cent from me'

Grainne Cunningham

A DEFIANT Ivan Yates has vowed AIB won't see a further cent from him after he was discharged from bankruptcy in the UK.

The former government minister said he wanted a "fresh start" and was planning to retain any income he makes to buy a property, having lost the family home.

Mr Yates claimed state-owned AIB would have got at least €1m more of the €3m debt he owed the bank after his company Celtic Bookmakers went bust, had the bank co-operated and accepted written offers he made early last year. But he insisted AIB refused to negotiate and continued to push for repayment of 100pc of the debt.

AIB has insisted that it made efforts to negotiate with him "in good faith".

But Mr Yates, who will resume his former post as a Newstalk presenter tomorrow, said that both he and his advisers were perplexed at AIB's route, which left him with no choice but to go down the road to bankruptcy.

Although Mr Yates remains unsure about the potential legal liability over his future earnings, he is adamant he plans to use both his Newstalk salary and his ministerial pension of approximately €70,000 to build a new life for himself and his family.

"I am going to try and keep the money that I earn," he said.

Mr Yates said he planed to outline his version of events in a book, to be published sometime next year.

Irish Independent

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