No longer in denial - AIB's tracker U-turn
Imagine a bank is on its uppers and in need of help. The stock response might be: One could think of more worthy causes. But imagine a special little country that loves bankers and all things banking, and thus the people of this land say: "Nay, this can never be; if our brethren the bankers are having a bad time of it; we must do our duty by them." And so the people band together, all the widows' mites they can find, and they raise €21bn for the worthy bank.
There is rejoicing throughout the land; the bank and its distressed loans need no longer be in a state of anxiety. Banks and the benevolent people of this idyll will live together happy ever after. Alas, that is where our game of "imagine" stretches the bounds of credulity to breaking point.
True, AIB was given a €21bn bailout; and it's also true that the State owns about 99.8pc of the bank; but all is not sweetness and light between the bank and the people of this country.