Brendan Keenan: Pension fund was a bad idea and has come to a bad end
AT last Joan Burton and the AIB management have something in common. They both dislike swapping debt for equity.
It's a horrible phrase, but it describes what is proposed for the National Pensions Reserve Fund (NPRF) and AIB. One can have a certain sympathy for the attitudes of Burton and the bank.
AIB is being obliged to sell the best bits of the group built up over the past 30 years, which is obviously a sore blow. In particular, the investment in the Polish bank ZWBK turned out to be inspired -- picking a good bank in the right country.