Saturday 24 February 2018

Siobhan Creaton: About time we stood up to this defiant institution

Siobhan Creaton

DOES news that Colm Doherty and chairman Dan O'Connor are to leave the sinking ship signal the Government has finally stood up to AIB? Well let's hope so.

For too long AIB has been defying successive governments, regulators and the tax authorities.

This is the second time in three decades AIB has been bailed out. In 1985 its executives asked the government to take over its wholly owned Insurance Corporation of Ireland (ICI), which was in such dire straits it was threatening to collapse the Irish economy. The state paid a nominal sum for ICI and AIB wrote off its €85m investment and was never forced to pay the full cost.

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