Saturday September 26, 2020

The game is up at AIB

Nothing less than the resignation of AIB chief executive Eugene Sheehy and his board will be acceptable after the economic shambles the Irish taxpayer has been left to deal with

11th April, 2009

Less than six months ago, Eugene Sheehy, chief executive of AIB, said the bank would rather die than raise equity. Last week, finance minister Brian Lenihan announced the establishment of a new national asset management agency (Nama), which will purchase somewhere between €25 billion and €30 billion of AIB’s development and commercial property loans.

The ultimate losses likely to be incurred by Nama in years to come will be borne by the taxpayers...

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