• 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 contact us.

Moves afoot to oust Eugene Sheehy from AIB- will the goverment join in?

cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,347
Website
www.google.com
Moves are afoot to oust Eugene Sheehy from AIB. This ex-union member's stewardship of AIB has been disastrous and so far about all he has done is say "sorry"


Property News 21.04.09

AIB has the biggest exposure to property and construction of any Irish financial institution, with €22.6bn of development property loans. With land prices collapsing and few houses being sold, the bank is looking at large provisions.

Irish Independent Friday April 10 2009
Of all the country's banks covered by the state guarantee, AIB has the largest exposure to eastern European loans.

The taxpayer may now have to take on responsibility for these loans as a result of the new state asset management agency.

London Times March 2, 2009
The chief executive of Allied Irish Bank (AIB), Ireland’s largest lender, today said that he “regretted” the huge sums lent during the climax of Ireland’s economic bubble last year after being forced to write off €1.8 billion of bad loans.
Indeed as recently as 2 weeks ago they were fighting government attempts to sort out the banking crisis.

There's been no attempt to reduce staff headcount from peak, indeed their managerial tier bloated during the boom *... and rather late in the game Robbie Henneberry has been recalled from the UK to fix the Irish division.

Sunday Tribune
AIB board members and the bank's institutional shareholders are trying to force chief executive Eugene Sheehy to step down ahead of the bank's make-or-break agm next month, the Sunday Tribune has learned.

The institutions - investment managers who together control the bulk of AIB stock - called for a change in leadership at the bank in a series of meetings and contacts with the board in recent weeks.

Chief among their grievances are near total losses resulting from the collapse in AIB shares in the past year
Well the government also some of the voting rights in AIB** ... will they be pushing for a head ?

... and more importantly will they try to ensure genuinely new management , afterall there were some internal dissenters in Bankcentre during the Sheehy reign.

cYp
* I'm aware that AIB had the same regional management structure beofre the boom, where the bloat occured was in extra head office managers and extar managers on each regional director's staff#
** I'm not sure what voting rights were given from the December bailout, I think 25%, see here but not sure if this was achieved and new bailout due now ...
 


Joined
Jun 9, 2007
Messages
18,709
Not just Sheehy, also Gleeson and the entire Board, plus the senior management of the various departments. The amount they're in hock for is going to prove to be treble what they're claiming, and foreign institutions will not begin to have faith enough to lend to them again if there isn't seen to be a complete decapitation there. It wouldn't be tolerated in ordinary business, and any workers responsible for such devastation at their work would likely be sacked and prosecuted, why should it be different here?
 

an asal

Member
Joined
Mar 11, 2009
Messages
21
Sheehy how is he surviving- that is the big question-one thing we know Biffo the booz has a little loan from him for his UK investment. Like Charlie a Deby of Honour I suppose.
 

constitutionus

Well-known member
Joined
Feb 19, 2007
Messages
23,261
reuters is saying investers are trying to oust the guy too on both the nib site and the sharewatch site.

TBH im surprised its took this long. all these guys care about is their investment and as stated its been wiped out.

should make the EGM/AGM fun anyway :)
 

MsAnneThrope

Well-known member
Joined
Apr 8, 2009
Messages
1,807
And here we are 1 year after the Guarantee and Sheehy is still at the helm, and an AIB insider and director is still the first choice...

The AIB succession race has run into a political impasse after coalition partner Green Party this weekend threatened to veto the appointment of any insider to head up Ireland's largest bank.

With no political agreement in sight on who to appoint as the new AIB chief executive, the current holder of the post Eugene Sheehy will now be staying on for much longer than originally envisaged.
Tribune: Doherty chances of AIB job hit by political impasse

How is Sheehy still there 1 year later, on a basic pay of €1.15 million? And what of Lenihan's assurances in 2008 of major changes at the banks???
 

cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,347
Website
www.google.com
The €500k pay cap vastly reduced international interest

Colm Doherty in fairness was a dissenter within AIB, unhappy at the risk of property related loans

All that said though AIB took a shocking hit and was horribly mismanaged - they lost the run of themselves towarsd the end of the bubble and were lending like loonies (hence why Nama is to take on far more from them than BOI)

Sheehy needs to be tossed asap, on top of everything he's a trade union man, who'll avoid cutting the boomfat from the bank. The Greens would do well to consider Doherty at this late stage

cYp
 

stanley

Well-known member
Joined
Jun 20, 2007
Messages
9,493
The €500k pay cap vastly reduced international interest

Colm Doherty in fairness was a dissenter within AIB, unhappy at the risk of property related loans

All that said though AIB took a shocking hit and was horribly mismanaged - they lost the run of themselves towarsd the end of the bubble and were lending like loonies (hence why Nama is to take on far more from them than BOI)

Sheehy needs to be tossed asap, on top of everything he's a trade union man, who'll avoid cutting the boomfat from the bank. The Greens would do well to consider Doherty at this late stage

cYp


AIB were losing out on their traditional market share with builders/developers to INBS and Anglo and part of the reason they are now in the shlte is their absolute greed to be the number 1.
 

Eamonn76

Member
Joined
Aug 26, 2009
Messages
54
And here we are 1 year after the Guarantee and Sheehy is still at the helm, and an AIB insider and director is still the first choice...



Tribune: Doherty chances of AIB job hit by political impasse

How is Sheehy still there 1 year later, on a basic pay of €1.15 million? And what of Lenihan's assurances in 2008 of major changes at the banks???
Massive corruption is the only thing that explains all this. Lenihan told us a week ago that he had transformed the culture of Irish banks. Given that Sheehy is still at the helm can we trust anything Lenihan says on Nama? No, we can't.
 
Joined
Sep 22, 2009
Messages
14
exactly massive corruption ,what the f2ck are these wonkers still doing in aib, after all it is now a semi state company , with the taxpayer proping it up via the gaurantee and the share holding ,why have these village idiots not been tortured, o wait it will be another roddy badly stuck molloy or brian i dont know how much i get paid goggins out fit, a few million in the hip pocket to help them on their way.

they done no wrong!



im being very sarcastic
 

Disabled student

Well-known member
Joined
Nov 17, 2008
Messages
750
Most telling fact was that BOI selected Richard Boucher as Chief BOI top executive. Even Brian Lenihan could NOT stop this at all.

Don't trust any words uttered by Brian Lenihan as he is toothless as far as i' m concerned. He couldn't get rid of all the rotten eggs (Director's who played a big part in reckless lending in the boom). No Convictions at all. No wonder Ireland is a laughing stock!!!!
 

ang

Active member
Joined
May 4, 2009
Messages
156
Spin, lies, corruption, greed. Round and round it goes, where it stops..........
 
Joined
Sep 22, 2009
Messages
14
the best part of it all was a few months back sheehey was on the matt cooper show, explaining how the bank had lost so much money in the first quarter of the year, and cooper asked him when he wasd leaving his position,

his reply was im here 5 years now matt ,and i dont intend on leaving anytime soon, i must steer this bank out of this storm.

the following week the bank was capitalised with €3500,000,000 of our money, and sheehey and gleeson announced they were to retire as they put it. now i smell a rat here and i think its name is brian, and he is a barrister by trade, therefore he knows all the loopholes in the laws, and is the wrong man for the dept of finance to be paying 200k a year plus expences, especially when he is helping these bankers avoid a well expected death on their own swords
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Came across this.

2 pages.

That **** cost a lot of people a lot of money and still he enjoys a pension > €200,000pa
 

stanley

Well-known member
Joined
Jun 20, 2007
Messages
9,493
Came across this.

2 pages.

That **** cost a lot of people a lot of money and still he enjoys a pension > €200,000pa

As long as Sheehy's pension is greater than others and volunteered reductions, not a chance other highly paid AIB pensioners will reduce, they were all benchmarked against his earnings and should be forced to drop by Govt.
 

tigerben

Well-known member
Joined
Sep 21, 2010
Messages
4,576
Came across this.

2 pages.

That **** cost a lot of people a lot of money and still he enjoys a pension > €200,000pa


It's austerity for the little people and it's alright lads for the well to do, everyone must tighten their belt brigade, when we all know they were braces!
 


New Threads

Popular Threads

Most Replies

Top