Mr McGuinness said the committee would not be getting into the specifics around Mr Carey’s debt settlement agreement with AIB but that he expected that people would be able to deduce from the bank’s answers to the committee’s questions around how similar cases are dealt with generally.
Three properties at the golf resorts owned and linked to Mr Carey were sold in 2014 and 2015 generating proceeds of €1.8 million, most of which went towards the reduction of his debts. In response to political reaction to an RTE report last week suggesting a much larger write-down, AIB took the unusual step of issuing a circular to staff on Tuesday responding to the “external commentary over recent days” around the debt deal and how it “does not provide the full picture.”
The timing of the bank’s public appearance before the committee could pose challenges for the bank as AIB is in a closed reporting period in advance of the publication of its 2022 annual results on March 8th.
Carey debt write off useful reminder to shareholders how AIB manages it's business, goes all the way back as far as Insurance Corporation Ireland collapse the tax payer pays up.
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AIB to be called on to answer questions on write-downsThe Oireachtas Finance Committee is to request senior management from Allied Irish Banks (AIB) to appear before it to answer questions about the bank's policy on debt write-downs. And we all know what they are like for answering questions!! About Time. People on medium income. Are expected to pay back every cent they owe to A.I.B,if they have a loan.What's going on in the main banks is criminal. The amount of so called high profile people getting write-downs, has to stop,As always no Accountability,and who you know Tis a great little country if you owe millions and are involved in gaa
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