Thursday 15 November 2018

No pay hikes for bankers 'til they refund bailout cash

€64bn swallowed by the banks would go a long way to alleviate the suffering visited on working people. (stock photo)
€64bn swallowed by the banks would go a long way to alleviate the suffering visited on working people. (stock photo)
Editorial

Editorial

There are many myths about banks, one of which is that they are there to create money for the public good. They clearly are not; their purpose is to make a profit.

But like any other business, they are owned by shareholders. In the case of AIB, the country owns 71pc of it as taxpayers forked out €21bn to bail it out after the crash.

Therefore, to hear AIB chairman Richard Pym describing the departure of chief executive Bernard Byrne as "a very grim day in my life" was surprising.

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