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Restoring AIB to its former 'greatness'..Foreign directors only need apply


B

birthday

In two interviews last week Brian Lenihan expresssed his desire to see AIB restored to its former 'greatness'
Given its troubled history it is jard to understand what he could have meant by this. Perhaps he will explain in his next interview or maybe one of our well-paid journalists might ask him.

1) Insurance Corporation of Ireland:
a wholly owned subsidiary of AIB when it collapsed in 1985 with losses of over £200 million and ultimately cost the Irish taxpayer £400 million.

2) John Rusnak:
John Rusnak , currency trader at Allfirst racked up losses of almost $700,000,000. Fortunately the Irish taxpayer was not hit but many recall AIB's Buckley making light of the whole affair

3) Tax evasion:

A €90 million settlement that AIB reached with the Revenue Commissioners in respect of Deposit Interest Retention Tax evasion in 2000 was the highest tax settlement in the history of Ireland.

The Revenue Commissioners on 28 March 2006 imposed a tax settlement plus penalties on four former senior executives for their interest, while employed by AIB, arising from investments they maintained in Faldor Limited.

4)Overcharging:

In 2004 it was revealed that the bank had been overcharging on foreign exchange transactions for up to ten years.
The Irish Financial Services Regulatory Authority published a report into an investigation of AIB Group concerning overcharging its own customers for FX transactions and deal allocation and other associated issues. This revealed excess charges of €34.2 million, including interest. AIB failed to comply with the law for a period of almost 8 years and that certain staff and management were fully aware of this at the time.

The final cost from overcharging amounted to €65 million and that this included a donation of €20.6 million on behalf of its customers to an unspecified charity that it was unable to identify. No employee or officer of the banks was disciplined.

Other charging issues also have been documented.



5)Charles Haughey and the Moriarty Tribunal

6)Recent developments

2008 share price collapse followed several years of insane lending in the Irish and overseas property leading to the current multi-billion cost to the taxpayer following nationalisation.


The future:
It seems obvious that the small pool of Ireland's director class do not offer safe pairs of hands to manage and direct organisations of 'systemic' importance. This has been well proven. This originates from multiple links between the gene pool from which they emanate - private schools, rugby clubs and golf clubs etc.
The government must now insist that the current Board is replaced with more worthy candidates with International experience of running banks and corporate governance.
One thing is required-along with appropriate experience, only non-Irish candidates should be appointed.
 


Libero

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Good point about Lenihan's bizarre but revealing choice of words.

Still disagree with your call - illegal under EU law - for the exclusion of Irish candidates from consideration.

The problem isn't with Irish people, it's with the type of Irish people who tend to get the nod from this government.
 
B

birthday

These positions are not advertised AFAIK.
Government should just appoint suitable individuals as appropriate.
 

cricket

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Fintan O'Toole was excoriating about this in his column yesterday. You'd have to wonder if Finance is simply too much for Lenihan.
 

SideysGhost

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Revealing turn of phrase by Loony Lenny alright!

The problem isn't with appointing Irish people per se, it's with appointing Irish people from within the tiny incestuous golden circle clique of maybe 2-300 families who really run Irish business, law, media, politics, education, health, culture....

Again and again over the decades the same names and same family links and same schools and same old boys network rears its ugly parasitical head again and again and again.

Twould not be hard to simply round them all up and exile them.
 

jimbo99

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Good point TODevestated. I would safely say that no-one in FF is suitable for the job.
 

'orebel

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Revealing turn of phrase by Loony Lenny alright!

The problem isn't with appointing Irish people per se, it's with appointing Irish people from within the tiny incestuous golden circle clique of maybe 2-300 families who really run Irish business, law, media, politics, education, health, culture....

Again and again over the decades the same names and same family links and same schools and same old boys network rears its ugly parasitical head again and again and again.

Twould not be hard to simply round them all up and exile them.
Been reading your contributions for a while now sidey. Dude, you nail it every time. I'm just curious. Why do you bother? We, (the irish), obviously couldn't give a sh1t. We're happy to take whatever is dished out by 'our betters'.
 

SideysGhost

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Been reading your contributions for a while now sidey. Dude, you nail it every time. I'm just curious. Why do you bother? We, (the irish), obviously couldn't give a sh1t. We're happy to take whatever is dished out by 'our betters'.
Why? I suppose why any of we lonely few who have been arguing against all this for years do it.

Because it's the truth. And because there must be a record that some people in Ireland at the dawn of the 21st century were functioning decent humans who cared.

History will not be at all kind to the memory of anyone who was an adult in Ireland from 1997 onwards. But it's important that the sordid tale of the Bertielovers, the psychopaths, the thieves, the sycophants and ass-coverers, the grasping insatiable greedy gombeens, the traitorous paid agents of external forces, the servile gimps and the docile herd is not the entire truth of the population of this island.

For the ancient tale of Ireland to peter out into such a disgraceful swamp of sewage with no redeeming qualities whatsoever would be an immense tragedy. We really have ended up as a horrible warning to all mankind, when 90 years ago we had the opportunity to be a shining beacon.

It's heartbreaking but there must be a record.
 

daveL

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Oct 29, 2010
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We definitely need someone from outside the shallow pool of talent in Ireland.
hang on

I thought we needed to pay big bucks to keep our banking lifers at home here in Ireland

We can't afford to lose these geniuses I thought
 

smitchy2

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If anyone needed further proof that lenihan does not have a clue what he is doing this is it.
The country has been ruined by this mans lack of strategy and constant firefighting.
 

Freedom front

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If anyone needed further proof that lenihan does not have a clue what he is doing this is it.
The country has been ruined by this mans lack of strategy and constant firefighting.
Absolutely , He has discredited the position of Finance Minister - Incompetent Lunatic
 

stanley

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We definitely need someone from outside the shallow pool of talent in Ireland.

IMO it is not the non-exec directors that is the problem, like what happened at Fas they can only act on info supplied and if the exec directors and the higher echolons of management do not supply and withold info, the results are inevitable.

Again, the greed displayed at Anglo's perceived growth is a lot to blame, the green-eyed monster of AIB execs blew normal checks and controls apart.

Also many bonus and share entitlements were based on the share price and as we now know in hindsight this was hyped off the boards.
 

im axeled

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did not the dunce demand that aib replace some of its board some time ago, and not appoint from within, naturaly the gave him the finger saying swivel please.
 

cropbeye

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Aug 3, 2006
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AIB former greatness

So now AIB have been bailed out a second time the first by a Fine Gael govtl

And what about the wonderfull Lochlann Quinn

Were his hands clean?

He the father of the election candidate Oisin

He who is standing for the proletarians on the canvass in his Limbourghini.
 

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