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AIB processes more than 40,000 payment breaks for customers during coronavirus pandemic

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AIB chief executive Colin Hunt. Photo: Gareth Chaney, Collins

AIB chief executive Colin Hunt. Photo: Gareth Chaney, Collins

AIB chief executive Colin Hunt. Photo: Gareth Chaney, Collins

AIB has processed “well over 40,000” payment breaks for customers since the Covid 19 outbreak, chief executive Colin Hunt told shareholders on Wednesday.

That includes payment breaks for 16,000 mortgage, 12,000 SME customers and for 12,000 personal customers.

The AIB chief executive confirmed the scale of forbearance activity at the bank’s annual general meeting (agm) which was held over the telephone as a conference call with shareholders instead of at a physical location for the first time because of the Covd-19 restrictions.

“This is an extraordinary period globally. At AIB, we are working well as a team and are concentrating our efforts right now on supporting our customers and the economy through this exceptionally challenging event while ensuring the well-being of our staff, suppliers and other stakeholders. That is what is important – the supports we can offer our customers, communities and country so we can all emerge from this as strong as possible,” Colin Hunt said.

Mr Hunt confirmed that what had been a planned €217m dividend this year would not be tabled to the agm, in line with a request from regulators that all banks hold on to cash to carry them through the crisis.

On the call, shareholder and consumer activist Brendan Burgess said AIB and its board had increased damage and costs to shareholders of the tracker mortgage scandal by challenging and delaying the entitlement to redress of what has now become a the 5,900 cohort of customers entitled to redress and compensation. Earlier this year AIB made a fresh provision of €300m to address compensation those customers.

Brendan Burgess said that bill would have been lower if the bank had acted in 2015 when he first raised the issue at an agm.

Online Editors