Tuesday 21 November 2017

AIB 'prepared' as Britain's fate in balance

AIB Headquarters in Dublin Photo: Bloomberg
AIB Headquarters in Dublin Photo: Bloomberg

THE UK referendum is on a "knife edge" but AIB is "very well prepared" for all eventualities, its chairman Richard Pym has said.

All of Ireland's banks are contingency planning for Brexit, he said, but declined to comment on whether the June 23 vote would affect the timing of the Government's plan to sell down its stake in the bank.

"The IPO timing is a matter for the Department of Finance, we will be ready whenever they decide, if they indeed decide," he said. "One would imagine that the people making the decision will take market conditions into account."

A departure from the EU by the UK could put further pressure on sterling, hurting Irish exporters, Mr Pym said. He said turnout could help decide the outcome of the referendum.

"If the young people don't turn out to vote, it could be an extremely perilous position and Britain could walk out of the EU," Mr Pym said. "This could be happening on June 24." (Bloomberg)

Dara Doyle

Indo Business

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