Saturday September 19, 2020

INSIDE AIB: 60 borrowers, €7,700,000,000 and a bank in denial

Back in 2008, the state asked PwC to examine AIB’s books. This is what they found

22nd March, 2015
18
AIB Bankcentre on Merrion Road in Dublin 4. Picture: Feargal Ward

October 23, 2008:

Eugene Sheehy, the then chief executive of AIB, was in fighting form. “We’d rather die than raise equity,” he boasted in a presentation to about 450 well-heeled private clients of Goodbody Stockbrokers in Dublin. Ireland’s once biggest bank, he insisted, had a number of “options for self help” and did not need a dig out from anybody. The world was wrong, Sheehy insisted, about his mighty AIB....

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