Merger of AIB and BoI is the only way to save sector
In his first interview since leaving Bank of Ireland, former CEO Mike Soden tells Nick Webb how to fix the financial crisis
IT looks like Mike Soden was right all along. Before his sudden resignation as chief executive of Bank of Ireland made headlines in 2004, Soden had sought to create a "super bank" which would keep Irish banks safe from international predators. With the stock market suggesting that Irish banks are only hanging on by their fingertips, it looks like his plan was ahead of its time.
Soden is one of the few people in the country who actually understands the full complexities of banking. More importantly, he's not trying to save his job by offering half baked suggestions.
Speaking exclusively to the Sunday Independent, Mike Soden explained how the financial crisis destabilising the country can be fixed.