• Due to a glitch in the old vBulletin software, some users were "banned" when they tried to change their passwords at the end of February. This does not apply after the site was converted to Xenforo. If you were affected by this, please us viua the Contact us link in the footer.

AIB managers lending to themselves?


B

birthday

AIB chief executive vows to tackle property loans to managers - The Irish Times - Sat, Feb 23, 2013


From the article 'David Duffy, the chief executive of AIB, said that, while he does not have the exact details of how many of the bank’s staff used loans during the Celtic Tiger to dabble in the property market, he accepts that the practice prevailed'

'But the days of the banker becoming the investor are now over at AIB, he said, promising to root out and dismiss any manager or other member of staff who used their position to borrow the bank’s money for their own gain.'

So what exactly is Duffy saying? Is he actually going to look at past loans that AIB managers gave to themselves for property speculation and property development and 'root' them out? As an aside I wonder would a manager lending to himself have got a bonus based on the amount that he lent!

Or is Duffy simply stating that such unethical behaviour will not be tolerated in the future and that he has no intention of investigating such loans that took place in the past and that a that a blind eye is in effect being turned.

It would be interesting to see if he is willing to state whether any action will be taken against staff who broke guidelines that were already in existence when they lent themselves money for property speculation and development.

What were the guidlines then and what are they now?
 


Nemesiscorporation

Well-known member
Joined
Oct 2, 2011
Messages
14,180
AIB chief executive vows to tackle property loans to managers - The Irish Times - Sat, Feb 23, 2013


From the article 'David Duffy, the chief executive of AIB, said that, while he does not have the exact details of how many of the bank’s staff used loans during the Celtic Tiger to dabble in the property market, he accepts that the practice prevailed'

'But the days of the banker becoming the investor are now over at AIB, he said, promising to root out and dismiss any manager or other member of staff who used their position to borrow the bank’s money for their own gain.'

So what exactly is Duffy saying? Is he actually going to look at past loans that AIB managers gave to themselves for property speculation and property development and 'root' them out? As an aside I wonder would a manager lending to himself have got a bonus based on the amount that he lent!

Or is Duffy simply stating that such unethical behaviour will not be tolerated in the future and that he has no intention of investigating such loans that took place in the past and that a that a blind eye is in effect being turned.

It would be interesting to see if he is willing to state whether any action will be taken against staff who broke guidelines that were already in existence when they lent themselves money for property speculation and development.

What were the guidlines then and what are they now?
Go to any property auction in Ireland. You will see staff from all the banks at them. They are the main buyers at some auctions.
 

Kev408

Well-known member
Joined
Feb 26, 2006
Messages
5,123
Go to any property auction in Ireland. You will see staff from all the banks at them. They are the main buyers at some auctions.
How can you tell they are bank employees?
 

nakatomi

Well-known member
Joined
Apr 10, 2010
Messages
3,728
AIB chief executive vows to tackle property loans to managers - The Irish Times - Sat, Feb 23, 2013


From the article 'David Duffy, the chief executive of AIB, said that, while he does not have the exact details of how many of the bank’s staff used loans during the Celtic Tiger to dabble in the property market, he accepts that the practice prevailed'

'But the days of the banker becoming the investor are now over at AIB, he said, promising to root out and dismiss any manager or other member of staff who used their position to borrow the bank’s money for their own gain.'

So what exactly is Duffy saying? Is he actually going to look at past loans that AIB managers gave to themselves for property speculation and property development and 'root' them out? As an aside I wonder would a manager lending to himself have got a bonus based on the amount that he lent!

Or is Duffy simply stating that such unethical behaviour will not be tolerated in the future and that he has no intention of investigating such loans that took place in the past and that a that a blind eye is in effect being turned.

It would be interesting to see if he is willing to state whether any action will be taken against staff who broke guidelines that were already in existence when they lent themselves money for property speculation and development.

What were the guidlines then and what are they now?
If he does root them out, will they no longer be able to pay back the loans?
Could they have secured their employment by lending to themselves?
 
B

birthday

If he does root them out, will they no longer be able to pay back the loans?
Could they have secured their employment by lending to themselves?

You have hit the nail on the head!
Is there any other business or profession where such a practice would prevail?
 

Nemesiscorporation

Well-known member
Joined
Oct 2, 2011
Messages
14,180
How can you tell they are bank employees?
Lets see.

Having to deal with AIB, NIB, etc, etc, on a weekly basis, might have been something to do with it.

Also being harrangued by them to take out loans everytime I was in did get annoying. They also remember me and my answers to them.
 

Nemesiscorporation

Well-known member
Joined
Oct 2, 2011
Messages
14,180
If he does root them out, will they no longer be able to pay back the loans?
Could they have secured their employment by lending to themselves?
Try transferring mortgages to each other in a merry go around, so as to make it look it like they have a lot of extra business.
 

dizillusioned

Well-known member
Joined
Jan 19, 2011
Messages
14,869
So any AIB Manager that dabbled will be dismissed?

Sounds like AIB will have a whole raft of dismissals so.
 
B

birthday

If he does root them out, will they no longer be able to pay back the loans?
Could they have secured their employment by lending to themselves?
As it is a taxpayer supported bank, taxpayers and citizens are entitled to know

1) what were the previous regulations
2) what are the current regulations
3) Have the bank taken any action against staff who breached the regulations
4) Did any staff receive bonus payments for lending to themselves or colleagues for property speculation and property development

It is a shame that our dolly mixture assortment of crackpot TDs would not focus on key issues like this. Instead they attempt to attract publicity on populist issues like septic tanks and household charges.
 

True Republican

Well-known member
Joined
Apr 3, 2008
Messages
4,067
it will be interesting to see how many aib managers took out loans on their own behalf, how many will actually get fired?
 

Disillusioned democrat

Well-known member
Joined
Mar 16, 2010
Messages
15,723
How can you tell they are bank employees?
Probably the aura of smugness that always surrounds bankers.

To be fair, though, I'm more worried about the Namaites....they have access to cash and information mere mortals can only dream of, and unless they're completely stupid like the bloke with the list last year they'll get away with huge levels and values of insider trading.
 

hiding behind a poster

Well-known member
Joined
Mar 8, 2005
Messages
48,369
it will be interesting to see how many aib managers took out loans on their own behalf, how many will actually get fired?
What kind of loans? What size of loans? Ill-informed members of the public being outraged doesn't make something a sacking offence.
 

True Republican

Well-known member
Joined
Apr 3, 2008
Messages
4,067
i wonder how many bank staff who took out heavy loans will have applied for aib's voluntary redundancy package? How many of these applicants actually will be accepted?
 

True Republican

Well-known member
Joined
Apr 3, 2008
Messages
4,067
What kind of loans? What size of loans? Ill-informed members of the public being outraged doesn't make something a sacking offence.
if branch managers took out loans of such a size that they knew they couldn't afford to pay back they deserve to be fired, especially if its the case they subsequently received a bonus partly based on the loan they took out on their behalf.
 

hiding behind a poster

Well-known member
Joined
Mar 8, 2005
Messages
48,369
if branch managers took out loans of such a size that they knew they couldn't afford to pay back they deserve to be fired, especially if its the case they subsequently received a bonus partly based on the loan they took out on their behalf.
Did they?
 

Popular Threads

Most Replies

Top