Grim goodbye for AIB’s Sheehy

As Eugene Sheehy steps down, taxpayers will hope that state support for AIB brings about the conditions for recovery

8th August, 2009

It was hardly the farewell that Eugene Sheehy would have wanted. The outgoing AIB chief executive’s last major outing, before stepping down as soon as his successor is named in the coming weeks, was a grim affair.

After unveiling pre-tax losses of almost €900 million for the half-year to June last week, Sheehy will depart to a backdrop of a staggering €2.37 billion in loan impairment charges; a bank on its knees and...

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