Monday 21 August 2017

Bank shareholders' suffering is hidden from the headlines

People who put their life savings into banks are ruined, as directors shun shares and take fees

'In AIB their shares were rendered virtually valueless when effectively appropriated by the State - the same State whose organs had failed conspicuously in their duty to supervise the banks' (stock photo)
'In AIB their shares were rendered virtually valueless when effectively appropriated by the State - the same State whose organs had failed conspicuously in their duty to supervise the banks' (stock photo)

Charles Lysaght

Our banks are much pilloried in public debate for their treatment of borrowers who cannot afford to meet their debts and who have often brought their woes on themselves. Little is ever said that is supportive of bank shareholders, who have suffered huge losses since 2008.

Most of these are people of modest means who invested much of their life-savings in bank shares, often on the advice of bank officials or stockbrokers linked to banks.

In AIB their shares were rendered virtually valueless when effectively appropriated by the State - the same State whose organs had failed conspicuously in their duty to supervise the banks.

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