Sunday September 20, 2020

Top AIB actuary warned that tracker bonds were ‘unsound’

A leading actuary warned the Society of Actuaries that borrowing to invest in tracker bonds was ‘‘fundamentally unsound’’.

9th December, 2006

Brian Woods, a former finance director of AIB’s Ark Life, thought the idea was so flawed that he twice wrote to the Society of Actuaries expressing his concern.

Details of his notes to the Society have come to light, following reports that the departure of former ACC chief executive Colm Darling may have been linked to the fact that he was chief executive when the bank was involved in the sale of geared...

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